Practical ideas for a smooth FCA application process

1. Do some prior research

It’s advisable to familiarise your self with the contents of the application kinds, and the necessities for authorisation to your type of firm, so as to quickly establish any gaps in your agency’s total framework.

2. Dedicate time to completing the types

There are a number of prolonged varieties to complete and you will need to set time aside in your diary so as to make the process more handleable around your day by day business.

3. Sensitive business names

Laws provides a list of enterprise names which are categorised as ‘sensitive’. These are names that may give a misleading impression of what the business does, for example, insurance, underwriting, fund, and so on.

The FCA advises that if your firm shouldn’t be yet authorised, you must register a different name with Corporations House, after which apply to alter it once authorisation has been granted.

For more info please see the FCA page on sensitive enterprise names

4. Perceive what is applicable to your firm

A big number of companies apply to differ their permissions within the primary year of authorisation, which incurs additional application prices, and might impact your firm’s means to fully supply its proposed range of companies or products. Ensure you choose all the related permissions in response to the business mannequin you have outlined.

5. Ensure you submit an entire application

Incomplete applications are the primary cause of delays, so it is important to guarantee all questions on the relevant varieties are answered, and any requested additional documents are offered to avoid your application being deemed incomplete.

6. Demonstrate readiness

The FCA desires to see that corporations are ‘ready, keen, and organised’ to trade and adjust to regulatory requirements once authorisation is granted. Make sure that this is demonstrated throughout your application within the solutions and documents you provide. To this end, it is advisable to have tested IT systems, and have prepared internal policy documents that show your firm will not fall foul of regulatory requirements from the gate.

7. Disclosure

Be up entrance with the FCA and provide detailed information about any adverse events which will impact your application. The application types level out what the FCA would have an interest to know about. Non-disclosure is more more likely to result in delays and to cause a negative opinion about your agency to be fashioned by the regulator.

8. Anticipate to answer further questions

As part of the assessment process, the FCA will ask observe up questions, and should ask for additional documents and evidence. Provide detailed answers in a well timed method, and keep away from pushing back and coming throughout as resistant, as this may cause undue delay.

9. Be detailed but hold it precise

Merely put, if it is not related to the query, there is not any need to say it. Irrelevant data can add to the time it takes to process your application.

10. Be affected person

Unfortunately there is no way of securing a assure of when your application will probably be determined. Informationlines around timescales are quite loose. The FCA has 6 months from the date of submission to determine an application deemed complete, and 12 months for an incomplete application. It could additionally take a while for your application to be allotted to somebody for review, so be prepared to take a seat tight.

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