FCA Authorisation: 3 Available Options…

If you are a firm offering credit broking or insurance services, as you probably already know, you need FCA authorisation to do this. But you might not know that there are 3 options you can choose from…

The best solution for your business will depend on the individual needs of your company, but the options to choose from are:

• Full FCA Authorisation
• Appointed Representative Network
• Appointed Representative Network – Incubation Period

You can choose to be directly authorised by the FCA, which can take up to 6 months to come through for limited permission and 12 months for full permission. We can help with your application, including your Regulatory Business Plan and Compliance Policies and Procedures.

You could choose to be part of an Appointed Representative (AR) network. This means we will act as your ‘Principal’ and you, as the AR, do not need to directly authorised by the FCA. This is a much quicker process which means your business can start operating immediately, and as your Principal we are responsible for your FCA obligations.

Another option to consider, if you want to be authorised by the FCA ultimately but want to start conducting business immediately, is to become an AR during an incubation period. This would mean you are part of an AR Network and your Principal will be authorised for you during the interim period in which you are waiting to be authorised. For many firms in this situation, this can be the simplest and quickest solution.

Consumer Credit Compliance can help with applications for direct authorisation, or we could act as your Principal firm.  Either way, we can help you to decide which option is best for you.

For more information on FCA authorisation, please don’t hesitate to call us on 01423 522599 or email info@consumercreditcompliance.co.uk.