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Authorisation with the Financial Conduct Authority (FCA)

Whether you are seeking to conduct activities in relation to insurance, mortgage, consumer credit or claims management, your firm will need to be authorised by the FCA in order to trade unless you benefit from an exclusion or an exemption.

Obtaining FCA authorisation means that you must demonstrate that your firm’s business model is one which meets the FCA’s rules, requirements and minimum standards i.e. threshold conditions. Applicants must have appropriate systems and controls and resources in order to conduct a proposed activity. Applicants who fail to meet these conditions and expectations will not be authorised by the FCA.

If you are looking to become authorised by the FCA, Scott Robert can help.

Each applicant who works with Scott Robert is assigned a dedicated Regulatory Adviser who will support you throughout your application, answering queries you may have relating to the application and providing you with guidance and support.

The process starts with a fact find between yourself and one of our Regulatory Advisors where we’ll get to know you and your business and how you intend to provide your services.

We will provide you with advice and guidance on how to comply with the FCA’s requirements and identify any risks.

We will then produce for you a series of documents to support your application and help ensure that you become authorised. These documents include a Regulatory Business Plan and Compliance Monitoring Plan. We also produce a compliance manual for you containing documentation for you to implement into your business upon authorisation to help enable you to comply with the FCA’s requirements.

An online application will then be completed along with all relevant forms, which will then be submitted to the FCA. Should there be any FCA questions, your Regulatory Adviser will work with you to draft a full response.

In short, we’re here for our clients every step of the way. We provide our clients with the benefit of our knowledge and experience to not only help ensure that your application is successful, but that your business has the right foundations to ensure positive customer outcomes.

Looking to Benefit from an Exclusion or Exemption?

Dependent upon your business model some applicants need not seek out authorisation FCA where an exclusion or exemption is available. These only apply in select instances and vary between activity e.g. mortgage and insurance activity.  A firm may be exempt where it is a professional firm, for example a solicitor, or where the structure of a financial service falls outside of regulation as may be the case where firms offer the ability to pay in instalments which if applicable must satisfy certain conditions. Exemptions also apply to Appointed Representative as they are not directly authorised by the FCA and instead work on behalf of a Principal.

An activity which may ordinarily be regulated may be unregulated where an exclusion is available. This could include exempt insurance or mortgage activity which anyone can engage in, whether a professional firm or otherwise.

Those seeking to rely on an exemption or exclusion need to be certain that there is no need to become directly authorised by the FCA. If you are unsure, Scott Robert may be able to help.

Ongoing FCA Compliance

As an FCA authorised person or firm, you might need help to ensure you comply with the FCA’s rules.

We provide our clients with support they need to maintain compliance and avoid breaching the rules. Our bespoke service is individually tailored to each of our client’s requirements and objectives to help them meet in the best way possible.

Whether you need documentation to help you remain compliant, want ongoing advice or support, impartial monitoring of your activities or anything else, Scott Robert may be able to help.

Why Choose Scott Robert?

Scott Robert has been supporting firms through the FCA compliance process since 2008. In that time, we have helped hundreds of businesses to successfully gain and retain FCA authorisation.

We employ a team of compliance consultants who are both highly experienced and expertly skilled. We specialise in providing our clients with solutions to often complex regulatory requirements and compliance needs.

Our knowledge of FCA compliance enables our team to support you and your business, provide effective solutions to any problems you face and help you to devise and implement strategies that work for your business and your customers.

Conducting regulated activities without the correct authorisation is a criminal offence, speak to one of our experts today for confidential and no obligation advice FCA authorisation.

If you want to know more amount becoming FCA authorised or maintaining authorisation as an FCA authorised firm, speak to one of our experts today for confidential and no obligation advice by calling 0161 413 2796 to find out more.

Download your FREE compliance fact sheet

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