You know that financial services is a sector that is highly regulated. So starting a financial services business will require some form of "licensing" before you can start trading or expanding (if you already regulated).
In the UK you will either be regulated by the Financial Conduct Authority (FCA) or the Prudential Regulatory Authority (PRA), or both. Majority of the firms are regulated by the FCA, and this is likely to be your starting point if you are a peer to peer lender, crowdfunding platform or any other type of Fintech or alternative finance firm.
The FCA Authorisation process is deliberately designed to be tough, ensuring that only competent and well run firms get through the regulatory gateway firms. The process is long, taking up to one year to get authorised, and you have to be ready to trade at the point of applying.
A huge challenge, understandably. Not only do you have to commit resources to preparing, you also face an uncertain while you await FCA's decision. You can however get some level of certainty through knowledge of the rules and process and thorough preparation!
We've put together a FREE Resource Library to Help you Prepare
Access these three practical and proven checklists in your member library and use them to dramatically increase your chances of a successful FCA authorisation in the quickest possible time.
This comprehensive nine page checklist takes you step-by-step through the entire preparation process for an FCA application for authorisation. You get practical steps and useful links that will dramatically increase your chances of success.
The FCA application require certain mandatory documents. Not submitting them or getting them wrong can considerably delay the application, or worse, lead to a refusal. This practical checklist will make sure you get this right.
The application form doesn't cover everything and FCA will inevitably come back with loads of questions. Being able to anticipate and answer them with additional documents will dramatically speed up and guarantee the process. Get ideas from this checklist.
Frequently Asked Questions
Need more help? We've answered some of the question you will undoubtedly have.
No doubt you still have more questions on your mind.
By registering for the free FCA Authorisation Resource Library, you also get your specific questions answered. Only logged in members have access to these answers.Register Today!