View our list of specialist services for businesses regulated by The Financial Conduct Authority (FCA).
Navigating the Financial Conduct Authority (FCA) application, regulation, and compliance process can be a daunting process for start-ups and established businesses alike. Our team provides strategic, robust, and responsive administration services to help you navigate a challenging regulatory landscape.
COVID-19 and BREXIT have increased pressure on financial services firms to meet tough regulatory requirements without compromising profitability and service quality. Our experienced staff has the requisite knowledge and skills to provide effective regulatory support to all businesses operating in this highly regulated sector.
Our range of clients comprises brokerage firms, banks, insurance, market makers, authorised payment service providers, EMI (Electronic Money Institutions), proprietary trading firms, hedge fund managers, venture capital funds, and corporate finance advisers.
We have created an FCA guide to help you navigate the FCA regulation and authorisation process.
Frequently asked questions
Any business that intends to carry out activities specified by the Regulated Activities Order 2001 or the Payment Services Regulations 2017 must obtain authorisation by the FCA (or be registered with).
Generally, firms that deal in regulated activities such as accepting deposits, issuing e-money, dealing, managing of investments (as principle or agent) and/or safeguarding and administering investments or dealing in specific investments including deposits, shares, debt instruments options, futures and contracts for difference require authorisation unless they are excluded or exempt.
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We have summarised the steps to obtain FCA authorisation.
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The timelines for applying to the FCA and becoming registered are set out by the FCA. It’s not a speedy process and, depending on the level or authorisation you require, the whole procedure might take around 6-12 months.
We assist you with all the returns to FCA and the ongoing communication process, supporting transparent and open dialogue with the FCA.
The level of reporting that is required will vary, depending on the type of business you are. Some payment service provider reporting will only be needed every six months, whereas large investment businesses will need more regular, detailed reporting. There’s no one-size-fits-all answer when it comes to reporting requirements.
If you are new to FCA registration, you will need advice from a professional adviser who understands the FCA requirements. Whilst financial services are regulated by the FCA, banking and insurance companies are covered by the Prudential Regulation Authority (PRA), a part of The Bank of England. If you are involved in banking or insurance services in any way, then you’ll also need to be compliant with the PRA regulations.
Your business may also need a CASS (client asset) audit, as well as a statutory audit. So there are multiple considerations to think about as a financial services provider. It is the/a Company’s responsibility to ensure compliance and accurate reporting to the FCA. You need to be thoroughly aware of your governance and compliance requirements although our specialist staff can help and support you. Apart from the financials that will be reported to and reviewed by the FCA, some businesses would also need to report on the different operational, business and liquidity risks including the company’s exposure, to ensure that you meet the capital requirements. The level of the capital base, the availability of the capital base, liquidity management and the effectiveness of your internal and corporate governance will all be examined to some extent.
The primary focus is about protecting any client assets etc. that the business is managing and to make sure there are adequate funds and safeguards in place if the worst should happen.
Hawksford provides a rigorous, technical and dynamic administration service and are particularly well known for strength and expertise in the FCA sector. We have a wealth of experience providing support and audit services for FCA regulated clients.
Our support is provided on a bespoke basis and includes assistance with:
Our specialist staff provides full audit, accounting, tax, compliance services with a focus and expertise in the following sectors:
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