If you wish to provide financial services, chances are that you will require to be regulated by the Financial Conduct Authority. In order to do so, you will need to prepare and submit a well-planned and thorough FCA application, ensuring that all the required information has been provided and all requirements fully met. . If you wish to provide services such as electronic money, payment services, consumer credit, banking, insurance, mortgage, lending, investment services or claims management, you are likely to require an FCA licence and therefore must make an FCA application.
When preparing an FCA application, planning is key. It is important that you match the financial service you intend to provide with the FCA’s list of regulated activities.
Another important factor is to understand the scope of permissions you require. For example, certain financial service activities may require a more restrictive scope of permissions whereas others may require a wider scope.
You will need to check whether you are subjected to any initial and ongoing capital requirements. This is the case where you wish to prepare an FCA application to become a payment institution, electronic money institution or an investment firm, as these firm types are subjected to initial and ongoing capital requirements.
Another important thing you must do before making an FCA application is to ensure you meet the FCA’s threshold conditions. Threshold conditions are basic requirements you must have in place. For example, you will need to ensure that your ‘mind and management’, in other words, people such as directors, must be located in the UK. You will need to demonstrate through your application that you have appropriate resources to operate your business. This includes having sufficient financial, management, staff, and systems to manage your business. Your team should be suitable and competent for their roles.
Your people may need to have certain qualifications. For example, financial advisors are required to hold a Level 4 Diploma in Financial Planning. It is important to check whether any qualification apply to your business or the financial service you intend to provide, prior to making an FCA application.
Buckingham Capital Consulting is a leading international consulting firm, specialising in payment services, electronic money, banking and investment services. We are able to advise you on the best course of action and strategy based upon your business plan and financial product or service. We can help you with licencing, compliance, operational setup and related services, including, obtaining banking facilities.
Call us today on 02078662512 or 442078662512 if you are calling from abroad. You can send an email to email@example.com to arrange a telephone call or to discuss your requirements and plan. We are also able to arrange calls or conference calls using Skype. Our Skype ID is BCC54321. If you wish, we can arrange a meeting at one of our offices.
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