The aim of this document is to help firms meet the FCA’s expectations of being ready, willing and organised. Please note this is not an exhaustive list and there may be additional information that needs to be considered based on your firm type and the permissions you apply for.
We have created an all encompassing regulatory business plan with over 20 sections that the FCA look for in most businesses.
How to start a Business Plan
Company Details
In this section, the FCA require as much detail as possible relating to the company.
The Consumer Duty
The Consumer Duty (‘the Duty’) sets the standard of care that firms should give to customers in retail financial markets. It reflects the positive and proactive expectations the FCA have of firm conduct, and their desire for firms to think more about customer outcomes and place customers’ interests at the heart of their activities.
It should prompt you to ask yourself questions such as, ‘Am I treating my customers as I would expect to be treated in their circumstances?’ or, ‘Are my customers getting the outcomes from my products and services that they would expect?’.
Governance
In this section, the FCA require information on the key personnel of the firm. Please provide detailed information on each individual’s role and the management responsibilities they will have.
Business Model Overview
Please provide an in-depth explanation of what the firm does and the activities your firm will be carrying out.
Marketing Activities
In this section, please set out the marketing plans and any financial promotions that the firm may be using or are planning to use.
Customer Journey
In this section, please provide details on the customers’ journey from the very beginning of acquiring the customer to the after-sales care process service that the firm provides.
Customers in vulnerable circumstances
In this section, please provide further information about the firm’s approach to identifying, and meeting the needs of, customers in vulnerable circumstances.
Compliance
Please provide detailed information of the compliance structure the firm has in place.
Complaints Policy
Please provide details of the firm’s complaints process.
Training
In this section, please give details of the training that is provided to staff.
Staff Incentives
In this section, please provide details of staff incentives (if applicable).
Capitalisation
Please provide details of how the firm will hold sufficient capital to meet the relevant capital resource requirement. Please note the information here should corroborate with the financial information provided in the application.
Overview of policies
In this section, please provide an overview of the policies and procedures in place, relevant to the firm’s business model. Please review the relevant checklist that applies to your type of firm, see here for more details: https://www.fca.org.uk/firms/authorisation/how-to-apply
