FCA Authorisation – Application process – are you prepared?
In order to become FCA regulated, your firm must submit a comprehensive FCA application form, including a full regulatory business plan. Depending on the type of firm, other application forms may be required – such as ‘controller’ forms.
However, the process of becoming FCA regulated does not just involve the application form. You may be required to take additional examinations prior to becoming FCA authorised; we are able to advise as to which qualifications will be most suitable. You will also need to decide upon who will be the Approved Person from your firm.
In order to obtain an FCA license, your firm must demonstrate it possesses adequate systems and controls, and that the correct policies and procedures are in place. Thistle Initiatives will be able to assist you with the implementation of compliance policies and procedures, and systems and controls. We will provide you with a suite of compliance manuals and documentation which can be tailored to your business’ specific requirements and considerations.
Call us today and enlist the help of a consultancy as most firms do; exceptional preparation is key when beginning the FCA authorisation process.
We have an exceptional success rate with regard to helping firms to become FCA authorised. You can relax the knowledge that your FCA application is in safe hands; as demonstrated by our 100% success rate.
At Thistle we understand that every business is different. We work with a large variety of firms and so we are able to offer you a tailored package to suit your business’ specific requirements. We have worked with firms at all levels; our team of experts possess a vast wealth of experience.
We work according to the value of honesty – we will only encourage you to apply for the permissions you need, ensuring efficiency and ensuring you are obtaining the correct level of authorisation for your business. In some cases, FCA authorisation may not even be required. By using our services, you can be confident that you have received reliable advice.
We work hard to ensure that our response times are as quick as possible. You will be assigned an account manager for your FCA application, who will be on hand to answer any questions you may have, either via email or a phone call, or through face-to-face meetings. You will be kept fully informed of the progress throughout the application process.
FCA Authorisation – Application Procedure with Thistle Initiatives
You will have an initial conversation with one of our compliance experts, who will be able to gain an understanding of your business’ particular requirements, and business objectives. Following this initial conversation, an engagement letter will then be sent out, detailing the proposed services.
Upon agreement of services, Thistle will send you an ‘information request table’ which will allow us to further gain a full understanding of your business’ activities. If you would prefer to provide this information via a phonecall or a face-to-face meeting, then this will be arranged.
Following this, we will request from yourselves a regulatory business plan, which will be submitted as part of the FCA authorisation process. Thistle will support you in the formulation of your regulatory business plan and will work with you to help you achieve your business objectives, whilst ensuring all regulatory obligations are met. We will review your business plan, and can tailor compliance support to suit your business’ specific requirements.
All FCA applications are submitted online through the FCA Connect system (aside from AIFMD firms, who are required to submit additional forms.). We will be able to log on to the FCA Connect system and complete the application on your behalf – providing you with reassurance and confidence that your FCA application is being fully managed by a trusted partner, allowing you to continue with your day-to-day business activities.
Thistle will be constantly on hand to answer any questions you may have. There will be a back and forth review between yourself and the account manager throughout the FCA authorisation process until submission, to ensure the application has been completed fully, ensuring the application has the highest chance of approval. Thistle possesses a 100% success rate with FCA applications being approved, conveying Thistle’s unparalleled expertise in the field of FCA applications.
Following the application submission, your application will be assigned an FCA Case Officer. The FCA are likely to ask a number of questions regarding the application, in order to obtain clarification or more information. These questions often require a swift response, sometimes with a timeframe as little as 2 days. Our team are adept at handling this stage of the FCA authorisation process to ensure all questions are effectively and appropriately addressed, providing you with the confidence that your application is being handled efficiently.
All required supporting documentation will require submission together with the FCA application. Any missing or incorrect information will lead to the application being delayed, and so it is of utmost importance that all the documents required are available. The FCA advises that it may take up to 6 months before your firm is granted FCA authorisation if your FCA application is complete, and up to 12 months should your FCA application be incomplete. Should a firm apply for the incorrect permissions, the firm will have to apply for a Variation of Permission, which could also take up to 6 months. Therefore it is important to ensure you have gained consultation to establish that the correct permissions are sought, and that all the documentation required is included with the application.
Thistle has worked with a variety of firms to assist them with obtaining FCA authorisation including; insurance companies, consumer credit firms, corporate finance firms, crowdfunding firms, electronic money institutions, CFD spreadbet brokers, IFAs, insurance brokers, investment advisers, investment managers, mortgage brokers, P2P firms, payment institutions, and stockbrokers.
If you would like some more information regarding the wide range of work we do, please get in touch to learn more about our services and what Thistle Initiatives can do for you.
37 Queen Anne Street
Telephone: +44 (0)20 7436 0630