Practical suggestions for a smooth FCA application process

1. Do some prior research

It is advisable to familiarise your self with the contents of the application forms, and the requirements for authorisation on your type of agency, so that you could shortly determine any gaps in your agency’s overall framework.

2. Dedicate time to finishing the varieties

There are a number of prolonged kinds to finish and it is very important set time aside in your diary in an effort to make the process more handleable round your each day business.

3. Sensitive enterprise names

Legislation gives a list of enterprise names that are labeled as ‘sensitive’. These are names that can give a misleading impression of what the business does, for example, insurance, underwriting, fund, and so on.

The FCA advises that in case your firm is not but authorised, it is best to register a unique name with Firms House, after which apply to alter it as soon as authorisation has been granted.

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

4. Perceive what’s applicable to your firm

A large number of firms apply to differ their permissions within the first yr of authorisation, which incurs additional application prices, and might impact your firm’s means to completely offer its proposed range of services or products. Ensure you choose all of the related permissions according to the business mannequin you’ve got outlined.

5. Ensure you submit a complete application

Incomplete applications are the principle cause of delays, so it is very important ensure all questions on the related kinds are answered, and any requested additional paperwork are offered to avoid your application being deemed incomplete.

6. Demonstrate readiness

The FCA needs to see that firms are ‘ready, prepared, and organised’ to trade and adjust to regulatory requirements as soon as authorisation is granted. Be sure that this is demonstrated throughout your application in the solutions and paperwork you provide. To this finish, it is advisable to have tested IT systems, and have prepared inner policy paperwork that show your agency will not fall foul of regulatory requirements from the gate.

7. Disclosure

Be up front with the FCA and provide detailed information about any adverse events that will impact your application. The application varieties point out what the FCA would have an interest to know about. Non-disclosure is more more likely to end in delays and to cause a negative opinion about your agency to be formed by the regulator.

8. Count on to answer further questions

As a part of the assessment process, the FCA will ask observe up questions, and should ask for additional paperwork and evidence. Provide detailed solutions in a timely manner, and avoid pushing back and coming across as resistant, as this may cause undue delay.

9. Be detailed but hold it precise

Simply put, if it is not relevant to the query, there isn’t any need to say it. Irrelevant data can add to the time it takes to process your application.

10. Be patient

Unfortunately there is no method of securing a guarantee of when your application will probably be determined. Informationlines round 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 some time on your application to be allotted to somebody for evaluate, so be prepared to sit tight.

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