The Road to FCA Authorisation
We have recently had a number of enquiries about FCA authorisations, leading to some interesting conversations. We’ve spoken to firms of different sizes, goals and backgrounds. Conversations have ranged from start-ups - who are new to the world of regulation with very little knowledge of how to realise their ambition of becoming an FCA authorised firm - to the other end of the scale where the firm is already authorised in another country and is looking to move into a new market. The key question all of the firms wanted to know is, “can you help us get us authorised first time ?”
Avyse consultants have held firms hands through dozens of FCA Authorisation applications. Here’s how can we help…
Understand your business plans and agree on how we will help you
We recognise that each firm is different. Therefore, our approach to authorisations is tailored around what you need from us during the application process.
We will take time to understand your business, the parameters you are working within and advise on the regulatory permissions you will need. We will then agree on our level of involvement and make a project plan to submit the application. Some firms ask us to manage the application process and draft all sections of the application, whilst for others we work on a targeted basis and review the hard work that’s already been put into the application.
Provide pragmatic and proportionate advice
Our advice will always have your long-term interests at heart. The advice you get from us will not only help you get over the initial authorisation hurdle but will have one eye on the future, helping you to consider how the regulatory framework put in place at authorisation is scalable whilst maintaining cost and time efficiencies.
At all stages of the application process, we will get to the heart of what the Regulator is seeking to achieve and apply proportionality to your firm.
Work with you to get the application ready for submission
Depending on the level of help you need we will typically draft and/or review key sections of an application such as:
Regulatory Business Plan
Operational and Security risks
Capital Resourcing and Requirements
Financial Crime
Governance
Owners and Controllers
Prepare to be regulated
For some firms becoming a regulated entity can be daunting. We can help to prepare you for this by:
Providing training on the responsibilities of being a regulated entity, or on legal and regulatory requirements
Drafting policies and procedures
Navigating FCA communications
The FCA are likely to have questions during the application process and depending on the nature of your firm it may request meetings in person to discuss your business plan and to assess the fitness and propriety of your senior leadership and ownership
We can help prepare your senior leadership for meetings with the FCA and respond to queries from your case officer
The FCA have already cancelled the temporary permissions of firms who did not respond to mandatory information requests. The consequences are serious, but we can help you respond in a timely and comprehensive manner.
Your authorisation process is important, and it can also be complex. We pride ourselves on helping you complete the authorisation process quickly and comprehensively.
