Preparing for Authorisation and Ongoing Compliance Requirements
Our company was founded back in 2000 to help the vast number of financial services organisations going through the FCA Authorisation process and navigate the regulatory landscape. We are proud to have helped many firms to gain FCA Authorisation and now have over 250 other organisations using our compliance manual template for their own compliance needs.
W hether you are new to financial market and are looking to obtain FCA Authorisation, or you have an existing permission and are looking at upgrading your current compliance program, our exclusive FCA policies, procedures and bestselling and industry leading FCA Compliance Manual can help you to gain and maintain compliance with the rules as covered in the FCA handbook and supporting areas such as Data Protection Act 2018 (GDPR), Money Laundering 2017, PA Dealing, TCF and many more.
We have extensive knowledge of the FCA requirements and handbook sections and have created our products to ensure that these requirements are met. We have given some guidance below on FCA authorisation and how we can help with your compliance program.
Preparing for Authorisation
The FCA Handbook and supplementing Sourcebooks can seem daunting at first and the new regulatory regime is certainly more complex than it’s predecessor, however once you get a firm understanding of the handbook, the FCA’s (and PRA’s) rules and the regulator’s expectations; you will appreciate the need and benefits of building a first class compliance program that will create a much more compliant environment within your firm than having seemingly pointless dictates and missives.
The easiest way to start preparation for FCA authorisation is to work out which of the handbook and sourcebook sections apply to your firm based on your business type (remember: not all of the FCA sections are rules for all firms). If you are an existing firm, you may want to map your territory in this way and we can assist you in this, having mapped the rules and legislation for banks and stockbrokers many times. Once you have this knowledge it will enable you to see which rules apply to you and then start to build policies and procedures to ensure that these rules are met and complied with.
There are many minimum regulatory requirements that are seen as the bare minimum expected of all firms, and then many additional rules that must be followed dependent on your business type and the products and/or services you offer. Ensure that you know who you Senior Management Functions are and that they have the adequate and relevant skills, knowledge and qualifications to fulfil their roles. Additionally, key members of staff will fall under the Certification Regime of the SMCR (effective from Dec 2019) and these will have to be assessed by your firm.
Below are some brochures on different types of firms and their authorisation, which can be downloaded by clicking on the button.
FCA non regulated activities: Do I need FCA Authorisation? [sdm_download id=”15471″ fancy=”0″]Basic FCA Authorisations Process [sdm_download id=”15473″ fancy=”0″]
Authorisations: Submission Assessment Service [sdm_download id=”15477″ fancy=”0″]
FCA Regulation & Authorisation for Claims Management Companies [sdm_download id=”15479″ fancy=”0″]
FCA Authorisation for CCA Firms [sdm_download id=”15482″ fancy=”0″]
FCA Authorisation for Investment Firms [sdm_download id=”15485″ fancy=”0″]