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Investment Firms

‘Investment Firm’ is a broad term that encompasses a variety of activity types, permission sets and classifications. Historically, different classes of investment firms were subject to different sections of the FCA handbook such as BIPRU, IFPRU and exempt CAD firms. With the implementation of the Investment Firms Prudential Regime (“IFPR”) in January 2021, most investment firms will now fall under one regime and are categorised based on the activities that they carry out and the financial thresholds that are met. Firms that fall under this regime will either be a small non-interconnected firm (SNI) or a Non-SNI.

Only MiFID firms will be subject to the IFPR. Firms undertaking less complex activities that are not subject to MiFID are likely to be classed as Personal Investment Firms (“PIFs”) and must comply with the FCA handbook, IPRU-INV. The categorisation of PIFs are based on activities that are carried out and are as follows:

  • category B1 firm
  • category B2 firm
  • category B3 firm

While PIFs still have a lot of requirements to follow, the difference between these and an IFPR firm is significant. Therefore, firms must determine exactly what kind of regulated activities they wish to carry out before making an application to the FCA. This will enable the firm to determine the category of investment firm that is applicable and that firm’s requirements, both from an application perspective, but also in respect of ongoing requirements.

No matter the classification of the firm, there will be common documentation, information and evidence that all firms must supply to the FCA to secure authorisation. Please see our document download for further information.

Appointed Representatives

Some investment firms that become authorised by the FCA may extend authorised permissions to third party firms that would be considered ‘Appointed Representatives’ (AR). In having an AR, the authorised firm would be understood as the Principal Firm. Some firms start as Appointed Representatives before seeking direct authorisation from the FCA, although this is not required but may be beneficial.

For more information regarding Appointed Representatives and Principal Firms, please click here to visit our page.

How can Scott Robert help you?

Are you interested in becoming authorised by the FCA or maintaining compliance as an FCA authorised firm? Scott Robert can help, whether it is for FCA authorisation or ongoing compliance needs.

FCA Authorisation

Each applicant who works with Scott Robert is assigned a dedicated Regulatory Adviser who will support you throughout your application, answering any 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 Advisers 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 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 that contains 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.

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 the support they need to maintain compliance and avoid breaching the rules. Our bespoke service is individually tailored to each of our client’s requirements, objectives and budget.

Whether you need documentation to help you remain compliant, would like 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 since 2008. In that time, we have helped hundreds of businesses to successfully obtain and retain FCA authorisation.

We employ a team of compliance professionals 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 regarding 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. 

You can find out more about Investment Firms by downloading our free factsheet from the “Access our factsheet” section below.

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