As a newly authorised Financial Conduct Authority (FCA) firm, we know there’s a lot of information to take in.
To get you started, this page lists important things to know for all firms, followed by sector-specific information.
All authorised firms need to meet regulatory obligations when providing regulated financial services and products, including reporting to the regulator regularly and having controls in place to prevent financial harm.
- Information for all firms
Systems you will use:
Connect is the online system that you must use to submit applications and notifications to the FCA.
- Online invoicing
You’ll need to register with the FCA online invoicing portal to pay your fees, see your invoices, register new users and more.
- Getting started
- Tasks for authorised firms
Firms section on the FCA website links to a range of tasks and support for authorised firms, including links to the main pages in your sector.
- Stay up to date
The FCA contact page has useful links and information for firms and consumers, including answers to the most frequently asked questions from firms.
- Other information
- FCA Handbook
The Handbook contains a complete record of the rules and legal instruments.
- Portfolio letters
Your firm will be part of a portfolio of firms that share a common business model. The FCA send portfolio letters about the risks of harm in a portfolio and the action they expect firms to take. Your firm will be expected to review these and be able to describe what steps you have taken.
- Financial crime
Your firm must have systems and controls in place to prevent financial crime.
- Financial promotions and adverts
You must ensure that your financial promotions and adverts comply with FCA rules and treat customers fairly.
- Consumer Duty
Consumer Duty sets higher, clearer standards of consumer protection across financial services and requires firms to put their customers’ needs first.
- Treating vulnerable customers fairly
Understand your firm’s responsibilities to ensure that vulnerable consumers have an appropriate degree of protection.
- Requirements of approved persons
Approved persons have to know and meet regulatory requirements, as well as understand how to apply them.
- Fees and levies
Find out about the fees the FCA charge and what they cover, and the levies they collect for organisations that are part of the regulatory system.
- Sector-specific information
- Mainstream consumer credit lenders
Please refer to:
- portfolio letter about our supervisory strategy for Mainstream Consumer Credit Lenders
- consumer credit and coronavirus tailored support guidance which remains in force until varied or revoked
- Dear CEO letter about the rising cost of living, and FCA expectations of the actions firms should be taking to support consumers
- Mortgage lenders and intermediaries
Please refer to:
- publication of FCA rules and guidance following the mortgage market review –Mortgages Market Study identified potential harms relating to mortgage advice and selling standards. The FCA consulted firms and used their feedback to change the rules to make it easier for firms to present options to consumers without giving regulated advice
- portal for mortgage advisers / brokers to report mortgage fraud concerns – mortgage brokers must have sufficient controls in place to prevent their firm being used for committing fraud. They are also responsible for reporting wider suspicions of fraudulent activity, or examples of poor practices resulting in potential fraud they have noticed
- Payment services and e-money firms
Please refer to the FCA’s approach to payment services and electronic money.
In this guidance the regulator sets out what they expect from firms in order to comply with all aspects of the payment services and electronic money regulatory requirements.
- Asset managers
Your prudential category depends on your scope of permission and the risks to your business model.
Use the prudential categories tool to identify the key regulatory requirements that determine your prudential category.
- Credit reference agencies (CRAs) and providers of credit information services
Please refer to:
- Credit Information Market Study which assesses how the sector is working now and how it may develop in the future
- Future of the Credit Information Market research which examines how the credit information market might evolve in the future
- Consumer Credit and Coronavirus Guidance for firms which remains in force until varied or revoked
- Non-bank lenders
Please refer to the mortgages and coronavirus guidance for firms which remains in force until varied or revoked.
- Self-Invested Personal Pensions (SIPP) Operators
Please refer to:
- Consumer Investments: Strategy and Feedback statement which articulates the causes of historic harm and FCA areas of supervisory focus until 2024
- Guide for SIPP Operators (2013) – although this guidance is quite old, it still applies to all SIPP Operators
- Due diligence guidance (2013) – a useful explanation of your firm’s responsibilities when designing and distributing products
The FCA might also contact you about taking part in their Early and High Growth Oversight programme, which provides in-depth support to some newly authorised firms, depending on your sector, to help you get used to your regulatory status and understand your obligations.
Need some promotional advice? If you want to understand more about how to make sure your marketing materials meet FCA standards, please click here.
The Compliance workload shows no signs of decreasing. An ever-growing list of requirements and regulatory changes makes the compliance role harder than ever.
When you face business or regulatory challenges, we provide solutions that are tailor-made to your needs with a view to releasing your energies to focus on your clients.
LS Consultancy offer a complete solution with a range of cost effective, regulatory compliance and marketing products and solutions including copy advice and copy development which are uniquely suited to supporting firms.
Why Not Download our FREE Brochures! Click here.
Call us today on 020 8087 2377 or email.
Need A Regulatory Marketing Compliance Consultant? A Bit More About Us
We welcome individual bloggers / Professional Writers / Freelancers to submit high quality contents. Find out more…