The client in question was keen to start the process of making their application for FCA authorisation under the Payment Services regulations to the FCA with a view to become an Authorised Payment Institution.
In the initial consultation, the client was made aware of the extent of the application. Thistle Initiatives informed them of the required supporting documentation and ongoing compliance requirements needed in order to process their application as efficiently as possible.
Our team assisted the firm in creating a suite of compliance framework documents, which were crafted with careful consideration of the FCA’s Guidance and the firm’s internal procedures.
This ensured the client had a platform to accurately express their policies and procedures concerning fraud prevention & detection, IT security functions, Anti-Money Laundering controls and complaints handling procedures.
Upon review, we were able to provide sound and constructive feedback to the client, allowing us and the client to outline a plan of action to efficiently complete the application.
With weekly calls and open communication via emails, Thistle Initiatives and the client were able to work together to really dissect the areas of the process that required further attention in order for the application to be submitted to the FCA. All the documentation was submitted to the FCA ahead of the requested deadline and the client was approved as an FCA Authorised Payment Institution with minimal further information requested. The client now benefits from Thistle Initiatives' ongoing compliance support network and regular auditing.
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