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Practical suggestions for a smooth FCA application process

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1. Do some prior research

It’s advisable to familiarise your self with the contents of the application forms, and the requirements for authorisation for your type of agency, as a way to shortly determine any gaps in your firm’s overall framework.

2. Dedicate time to finishing the types

There are a number of prolonged types to finish and you will need to set time aside in your diary with a purpose to make the process more handleable around your day by day business.

3. Sensitive business names

Laws offers a list of enterprise names which might be categorised as ‘sensitive’. These are names that can provide a misleading impression of what the enterprise does, for instance, insurance, underwriting, fund, and so on.

The FCA advises that in case your firm isn’t but authorised, it’s best to register a distinct name with Firms House, and then apply to change it as soon as authorisation has been granted.

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

4. Understand what’s applicable to your firm

A large number of companies apply to differ their permissions within the primary year of authorisation, which incurs additional application costs, and may impact your agency’s means to totally provide its proposed range of providers or products. Guarantee you select all the related permissions in line with the business mannequin you will have outlined.

5. Make sure you submit an entire application

Incomplete applications are the principle cause of delays, so it is very important guarantee all questions on the relevant types are answered, and any requested additional paperwork are offered to keep away from your application being deemed incomplete.

6. Demonstrate readiness

The FCA needs to see that companies are ‘ready, keen, and organised’ to trade and adjust to regulatory requirements once authorisation is granted. Be sure that this is demonstrated throughout your application within the solutions and paperwork you provide. To this end, it is advisable to have tested IT systems, and have prepared inside coverage paperwork that show your agency won’t fall foul of regulatory requirements from the gate.

7. Disclosure

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

8. Anticipate to reply further questions

As part of the assessment process, the FCA will ask follow up questions, and should ask for additional documents and evidence. Present detailed answers in a timely manner, and keep away from pushing back and coming throughout as resistant, as this might cause undue delay.

9. Be detailed but preserve it precise

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

10. Be affected person

Unfortunately there is no such thing as a way of securing a assure of when your application will probably be determined. Guidelines round timescales are quite loose. The FCA has 6 months from the date of submission to find out an application deemed complete, and 12 months for an incomplete application. It might additionally take some time to your application to be allocated to somebody for overview, so be prepared to sit tight.

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