With the FCA today publishing its guidance to the sector on ‘What you Need to Know’, they have set out a short timeframe in which firms will have to digest, understand and implement their rules. Despite them not taking over the regulation until Summer 2022, firms will be expected to submit their application for authorisation in Quarter 3 of this year.
This means, for firms not accustomed to the Financial Regulator, a step into the unknown and getting to grips with their regulatory framework; the eleven Principles for Businesses, their Threshold Conditions and their Senior Managers Regime. Even the most organised and pro-active firms are likely to find this all a bit different and often an uneasy process.
Here at The Compliance Company, we have provided our knowledge of FCA processes and expectations to prepare a big-player in the FP market to prepare for this transition. This entailed a process of audit and assurance on Governance, Data Protection, Lead Generation, Vulnerable Customers, Treating Customers Fairly and Complaint Handling. The next steps are to prepare an application that demonstrate to the FCA that the Firm is ready, willing and organised to comply with the regulatory framework and meet the Threshold Conditions for authorisation.
If you think that your Firm would benefit from a Compliance review pre-authorisation, or just want help navigating the authorisation process, get in touch with us today to arrange a consultation