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FCA Authorisation Spell – Guaranteed Results?

FCA AuthorisationFCA Authorisation? It may well sound worn-out, to compare submitting an authorisation to a magic trick, Nevertheless if you are under any illusion that less-than-perfect preparation suffices, listen up.

Sarah Rapson, director of authorisations at the FCA said that, “We have begun to take a harder line on submissions that border on the vexatious.”

Undoubtedly, it’s hard to determine what others identify as vexatious. Maybe just about anything from a little bothersome to successfully annoying or completely exasperating. If indeed there’s a scale at all! 
However, the FCA has actually offered us a few clues.
When analyzing an application, your case officer is primarily taking into account three things.
FCA AuthorisationFirst, they look for indications of what you’ve performed when preparing your application. So they need to know points like whether you’ve read the details on the FCA website, made enquiries of the contact centre, or sought legal or professional compliance advice. They also evaluate your application on how distinctly you’re able to articulate your regulatory obligations.
Second, they regard your attitude during the application process. (I’m sure they didn’t mean that to sound quite the way it does). They determine whether you’re being open and honest with them and practical about procuring information for them. They also wish to see that you are aware of your regulatory obligations and reply promptly to any questions they have about your application.
Third, they really want to make certain you have your supporting documentation prepared and arrangements in position to comply from the first day you become authorised. So they keep in mind why you’re applying now, what’s still outstanding that would prevent you from doing whatever you’ve applied for, and whether you would manage to do that activity if you were authorised right away.
You need to pass all three of these ‘tests’. It’s inadequate, for example, to be willing to correct mistakes or gaps in your application if you fell at the first hurdle. Quite clearly, they ‘d find this vexing!
“We will move to refuse firms earlier on in the authorisation process where the firm is not ‘ready, willing and organised’ to operate in the regulated financial services market,” Rapson has said.
And those are the magic words: ready, willing and organised. From the day they receive your application, and all throughout the process, they want to be sure you’re ready, willing and organised to abide by the rules and requirements at all times.
Lee Werrell Chartered FCSI FISM
Compliance Doctor


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