Obtaining FCA Authorisation

If you are looking for assistance with FCA Authorisation we are the experts and are retained by firms across the financial service sector, including those in the consumer credit and debt  sectors, to assist them with FCA compliance.  Our team is a mixture of ex-regulators, compliance experts, and industry professionals.  Meaning we not only understand compliance we also understand business.

Contact us today on 0845 154 6724 or use the contact form on this page and we’ll call you back.  If you’re looking for further information regarding FCA Authorisation you find out more below or by visiting our main website.

Almost all financial services firms in the UK need to be authorised by the Financial Conduct Authority (FCA). The main exception to this is consumer credit firms, who currently apply for authorisation to the Office of Fair Trading (OFT). However, from April 2014, the FCA will assume responsibility for consumer credit and those firm’s operating in that sector should be considering now how they will comply with the new FCA regime.

Obtaining FCA Authorisation does not have to be a difficult or painstaking exercise but it’s important to ensure it is done correctly to avoid the possibility of authorisation being declined by the FCA.

Financial advisers, mortgage brokers, insurers, stockbrokers, banks and credit unions all require FCA authorisation in order to trade.

Areas the FCA regulates include:

  • Deposit taking
  • Arranging insurance, savings & investments and residential mortgages
  • Advising on insurance, savings & investments and residential mortgages
  • Administering insurance, savings & investments and residential mortgages
  • Managing investments

A comprehensive list of activities requiring authorisation can be found on the FCA website:  http://www.fca.org.uk/firms/about-authorisation/do-i-need-to-be-authorised

If you intend to practise in an FCA-regulated area, the only alternative to direct authorisation is to become an appointed representative of another firm that is authorised.

Before applying for authorisation, you should check that you can satisfy the FCA’s ‘Threshold Conditions’, which are the basic standards that all authorised firms must meet, and these include:

  • A UK head office and registered office address
  • Adequate capital resources for the business activities you intend to undertake
  • Being ‘fit and proper’ – includes provisions relating to previous disciplinary action and criminal convictions

An application for FCA authorisation requires you to supply certain financial and non-financial information about your firm, and to give details of key appointments within the firm who require individual authorisation. Individual authorisation is required for directors, chief executives, heads of compliance, anti-money laundering officers and financial advisers.

As of April 2013, the authorisation fee payable by applicant firms is £1,500 for straightforward applications, £5,000 for moderately complex applications and £25,000 for complex applications. Most small financial advisory practices will pay £1,500.

If you are thinking about applying for FCA authorisation speak to us before you do anything else; we offer a fixed fee service and we’re on hand throughout the authorisation process to guide you through it.  Contact us today on 0845 154 6724 or use the contact form on this page and we’ll call you back.

You can also find more information by visiting our main site www.scottrobert.co.uk