FCA Authorisation, Registration, Certification or Licensing is a very involved process requiring you to know not only your business, but also how your business works and the risk areas it is likely to be impacted by.

Assuming that your activity falls under the regulated activities of the Financial Services & Markets Act 2000 (as amended) and you have sufficient experience of the industry you want to operate in (i.e., at least 2 years) and are of good standing professionally and financially, then you should have few issues. The main challenge many face is understanding the regulatory terms and industry jargon. We cannot be responsible for your competence and if your application is rejected for these reasons our final payment is still payable.

You may have approached companies already about your application ambitions, and I am sure that all of the respondents will provide you with a wealth (even avalanche) of information about FCA authorisations. They will undoubtedly tell you how complicated and demanding it can be; they will try and explain all about the different divisions and challenges they have experienced in the recent history and how long average cases have been taking to process within the FCA; but all of this depends on how it is approached and whether or not you have a robust preparation of the required documents and explanation of your business idea.

The quotations you encounter could appear very attractive!

However, this is often for only the basic service.

When the regulator asks for certain company policies, or governance, for operating the business (and they will), your consultancy will often charge you additionally by the item.

When the FCA asks questions that you may need assistance with before responding, they will start the“charging clock” often up to £300 per hour or more.

When the regulator asks a question of your company and the your case manager does not understand what is being asked, or is not adequately qualified to interpret the rules, they either answer incorrectly or refer to a senior manager who may be able to help at extra unseen cost to you.

WE OFFER YOU A SIMPLE FIXED FEE …

….. once we have a good idea of your business complexity.

Certain details need to be understood by us before starting your application as these will be critical to your application, along with details of any proprietary or bespoke software and web portal used for client access as well as any agents or representatives you may be using.

There are generally very few “secrets” in financial services. As there are a small number of “go to” companies you can rely on, we pride ourselves in being strictly confidential. We don’t blab about our clients but some find comfort in requiring us to operate under a “Non-Disclosure Agreement” and if you wish to use it, our NDA form can be found by clicking here.

If you have a detailed and robust regulatory business plan, and you have completed all of the necessary forms via the FCA Connect System, costs start at £4,000 for an authorisation. This consists of an up front and the remainder on submission and final authorisation.

Many Consultancies will charge a low figure for an authorisation submission and then pile on the extras like, answering the FCA’s questions, providing compliance documents, calculating regulatory capital, phone calls/email (sometimes up to £300 per hour). Don’t Get Caught Out!

If your business plan is not as content rich as you think it may need to be …

Don’t worry, we can factor the cost into your package.

We will provide the normal policy documents (up to 10) and the compliance monitoring procedures as required and/or requested by the regulator dependent upon your business model.  All for a FIXED PRICE.

Compliance Consultant provides additional template policies and manuals, like a Template Compliance Manual (sold online for £390 at https://goo.gl/v8IweV) or Template Anti-Money Laundering Policy & Procedures (sold online for £240 at http://bit.ly/IYCAML) then we can provide them all for a  fixed heavily discounted price of over 30% (you just have to edit it to suit your business and bring it inline with your software use).

If you want us to amend and personalise your policies, we can do this as well for an additional cost, but the final editing  will be down to you, as it is your business that will be governed by these documents, and you need to make sure they are all singing the same tune.

SO IN CONCLUSION

Whoever you choose you need to be absolutely clear on these issues.

Other reading: Preparing for an FCA visit and Compliance Documentation.

Why Not Download our FREE Brochures!

  1. FCA AUTHORISATION – THE BASIC PROCESS
  2. HOW TO PREPARE FOR AN FCA VISIT
  3. FCA REGULATION FOR CLAIMS MANAGEMENT COMPANIES
  4. MLRO ANNUAL REPORT TEMPLATE
  5. POLICIES and PROCEDURES
  6. WHISTLEBLOWING POLICY and PROCEDURE
  7. REGULATORY BUSINESS PLAN TEMPLATE
  8. BUSINESS CONTINUITY PLAN TEMPLATE
  9. TREATING CUSTOMERS FAIRLY – FAQS
  10. TREATING CUSTOMERS FAIRLY INFOGRAPHIC

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