What are the Main Steps to Follow for FCA Authorization?

The UK is one of the most lucrative markets for investors targeting to achieve rapid growth of their ventures. It is strategically located in the heart of Europe, and its global network via bilateral trade agreements can help to open doors to a bigger market. If your company is in a finance-related niche, such as insurance and offering credit, it requires the authorization of the Financial Conduct Authority (FCA). 

The process of getting this authorization can be lengthy and complex too. However, you can work with an FCA services provider to get it right and increase the chances of getting approved. 

The Path to FCA Authorization

For most entrepreneurs and managers in the UK, the biggest question is, “how does my business get approved by FCA?” The answer is that it must act with integrity all the time. This means ensuring that every action is taken with skill, care and diligence. Also, you must put the interest of customers at the front all the time, ensuring they are treated fairly and follow all the applicable policies and laws. 

Here are the main steps that you need to follow to get FAC approval: 

Step One: Establish the Permission 

The first step of seeking the approval of FCA is to establish if your enterprise requires it in the first place. You need to understand the activities that are regulated under FCA by checking the FCA’s Perimeter Guidance that indicates when authorization is needed for specific activities. 

It is important to work with an FCA services provider to determine the nature of permission that is required. For example, some firms, such as brokers and non-profit bodies, only require Limited Permission

Step Two: Strategy and Audit 

After establishing the nature of permission that needed for your company, it is time to get deeper into the main issues. How will the regulation impact the company? What approval regime should employed? Which staff should approved? You might want to check the FCA’s Threshold Conditions for authorization.

Step Three: Prepare the Required Documents 

While it is true that FCA might not have to look at all the documents, your company needs to demonstrate that everything correctly documented. So, make sure that all documents are ready for the regulator. Some of the required documents include supply draft agreements, regulatory business plan and promotional literature, and pre-contract information.

Step Four: Make the Application 

The first three steps can considered preparatory. So, once all the information and documents are ready, you can set up the application using the FCA’S CONNECT System, which used for submitting all requirements and notifications. Remember that you also have to use the Gabriel System to send all regulatory data and be ready to provide additional information that might be required.

Use FCA Services to Complete the Approval Process Faster 

Does the process we have described above look complex? Many are the investors who find it very challenging. Worse still, some who try to make the application alone fall by the way or get the approval declined. You do not have to follow that route because experts are already waiting to help. 

At Hawksford, experts have all the experience needed to get your company’s FCA approval as fast as possible. They can help you with: 

  • Preparing financial projection.
  • Reviewing your business IT system.
  • Discussion on the capital requirements. 
  • Acting as your auditors for the FCA application. 
  • General consultancy, offering expert advice during the application. 

Do not get stressed or risk failing the FCA approval because Hawksford experts are here to help. They have all the experience you need to get the process completed fast. Contact them

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