FCA compliance requirements for a start-up
Compliance Consultant can assist you with all of the FCA handbook compliance requirements for your new business, from the initial application to governance creation and ongoing audit and advice. As leading FCA compliance consultants, we are best placed to advise newly authorised FCA firms.
Establishing a new business can be a daunting task by itself, but ensuring that your new business meets each one of the FCA compliance regulatory requirements adds an additional burden on any new start-up.
Starting up your business
You have the expertise, the contacts, the capital. You have a business plan which you are convinced will succeed. It’s time to leave the institutional arena and put your plans into action. Previously, as an employee, finance, compliance and general administration may have been handled by other individuals in different departments, and now they are all really going to be up to you.
The FCA application pack uses up a full lever arch file when printed out. The same set of forms can apply, whether you are a small firm or a global investment brokers. There are no unreasonable questions in the entire pack, but it is pretty daunting for those who have not viewed it before, and not everyone understands all the technical terms, specific to the world of compliance.
A really helping hand with FCA compliance requirements
Compliance Consultant have assisted dozens of new businesses with their FCA handbook compliance requirements. We take a very practical approach, including:
- advising you which sections of the application pack concern you directly, and which sections you do not need to worry about;
- similarly, advising you which areas of the FCA rule books concern you directly, and which you can safely put on the back burner or even forget about entirely;
- explaining all the terminology and jargon;
- helping you to design and implement appropriate systems, controls and documentation;
- preparing your compliance manual;
- preparing your compliance monitoring programme;
- calculating your minimum regulatory capital requirements;
- helping you to identify any examination requirements and advising on capital adequacy; Training your staff on their regulatory responsibilities;
- explaining your personal responsibilities, which take effect from day one of FCA authorisation; and
- advising on client assets rules (CASS), if needed.
After explaining to our clients through the process, they usually opt to complete the straightforward parts of the pack themselves, as it is, after all, their business and it needs to be in their words. Compliance Consultant will complete the “difficult bits” afterwards based on their input. It’s one of those tasks that look arduous at the outset, but is not so bad with the benefit of experienced professional advice.
Once completed and all of the associated forms and additional information is collated: it is time to submit the whole application, which we can do for you. The progress of the application, such as appointment of the case offices and tracking any additional requirements can all be done through the FCA Connect system.
Continuing support post authorisation
Once you are authorised, we can help with:
- arranging your periodic reports to the FCA via their active portal (RegData), and getting them in on time;
- keeping you right up to date with any changes to the rules which could affect your business (and not bothering you with those that don’t); and
- maintaining cost-effective compliance monitoring procedures and records.
- We can also audit your business for compliance risk effectiveness, and support any additional activities such as the report on client assets and money (CASS).
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