FCA authorised person, FCA Authorisation Process & FCA Authorisation Requirements
The step of applying for a FCA Regulatory Authorisations, Registrations & Licencing Contact is more of a giant leap. You need specialists to help you through.
Unfortunately today, there are a lot of compliance consultants who put themselves out there to be all singing and all dancing. A lot of them are ex-banking or insurance compliance assistants and managers who only really know their experiential area. If they have not worked in a business providing or executing FCA Regulatory Authorisations, Registrations and licencing, they will not know what the FCA authorisation requirements are in this fast-changing and liquid regulatory arena.
Becoming a FCA Authorised Person is an in-depth process. The FCA authorisation process takes a lot of time in preparation and there area lot of FCA authorisation requirements. Someone on your team needs to have at least 2 years FCA/PRA regulatory experience (preferably 5 years or more). The Compliance Officer and Money Laundering Reporting Officer need to know the business inside out, and be able to describe the strengths and weaknesses of the system, as well as the controls implemented to mitigate risks. Risk management has to be articulated clearly and succinctly. We can get the firm FCA authorised status, but we cannot assure your competence in articulating your regulatory responsibilities.
Due to the changes instigated in the EU before Brexit, a lot of changes are now being brought in and this is causing the regulators to be more cautious and challenging. In 2020, 1 in 14 cases were rejected. In 2023 (up to August), 1 in 5 cases were rejected.
We have been operating as compliance consultants since 2000 and have a specialist team for most financial services discipline, such as Payment Services, Claims Management, Investments and AIFs, Consumer Credit etc. All of our Consultants are at least QCF Level 4 qualified, many at level 6+. Every Compliance Consultant in our team has at least 5 years Senior Management experience in real businesses at the decision making level.
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