Your first application for authorisation can seem onerous and time-consuming, especially with the added pressure of ensuring that the process is completed correctly. But with our help, this will not be the case.
The FCA application process:
We will ensure that you have the following documentation in place prior to commencing with your completion of FCA Core application forms:
- Organisation structure of your company
- Regulatory business plan
- Compliance plan
- Compliance monitoring program
- Risk management arrangements
- Adviser procedures
- TCF Management Information arrangements
- Data Protection Act arrangements
Supporting your application
Our company has have widespread experience in providing support and guidance through the key stages of the application process, and we will assist with:
- Pre-authorisation preparation
- Submission of the application forms and appropriate supplements, including assisting with any subsequent correspondence
- Ensuring you meet regulatory requirements once you have attained authorisation
Our hands-on approach ensures that you will have assistance with:
- accurate completion of the relevant application form (depending on your category of authorised activity)
- deciding upon the level of capital suitability that your specific needs will require
- recordingand providing evidence of your compliance procedures
- training for management and staff on compliance issues
Regulatory Business Plan
The Regulatory Business Plan is a key element in the authorisation process, since it is the means by which the Regulator assesses whether you are suitably equipped to be an authorised firm. It is important to the Regulator that applicants are able to articulate:
- regulated activities
- management processes
- systems and controls
We will be able to tailor support specifically to your needs by either providing you with a framework for the plan or developing a plan for you based on your firm’s profile.
Treating Customers Fairly
It is a statutory objective of the Regulator that is consumer protection and the principle of Treating Customers Fairly (‘TCF’) is reflected in PRA and FCA Principles for Firms, Principle 6 (‘Customers Interests’). This states:
‘A firm must pay due regard to the interests of its customers and treat them fairly’.
This is not a new principle. All authorised firms are covered by the Statements of Principles for Businesses (‘PRIN’). It is important to note that firms’ compliance with regulatory requirements are measured less in terms of their compliance with prescriptive rules and more in terms of whether actions, behaviours and/or outcomes are in accordance with the regulator’s expectations under the Principles, including TCF.
How can we help?
We can help and support in any or all of the following ways:
- completing your gap analysis – a useful outsider’s eye
- helping you to take appropriate action following analysis
- delivering senior management and/or staff training
- providingguidance on the assessment process with a focus on the areas that the FCA will want to examine and the types of evidence they will require