Before you submit the application, go through the following six key categories of information required for FCA authorisation of small firms and complete them as necessary.
Regulatory Business Plan
This sets out the details of your proposed business covering your activities, market, revenue models and treatment of customers in a comprehensive business plan that mirrors the application for the specific permissions you require to carry on business.
Key Personnel and Fitness Checks
A full list of Senior Managers and Certified Persons required for approval under the application must be identified. For each approved person a full CV plus employment history for the last 5 years must be provided, along with a completed declaration which confirms that no relevant criminal convictions or regulatory sanctions have been imposed.
Systems and Controls Documentation
Your written policies on complaints, conflicts of interest, data, and money laundering must be dated, include a version number and be ones that you have started to operate under already. There is published guidance on the FCA’s own authorisation guidance that covers this in more detail.
Financial Resources
A three-year financial forecast for your business (showing how much it will make and spending over the period of time) which will demonstrate that you have sufficient capital to meet the minimum capital requirements for the permissions you are applying for as a firm of this type. Also, a current balance sheet plus bank statements.
Compliance Arrangements
Outlining your ongoing Compliance arrangements, including how you will monitor, report any breaches and provide appropriate training to employees to ensure they understand the reasons behind any policies and procedures. Further information on what the FCA expects to see in relation to ongoing Compliance can be found at www.adempi.co.uk/fca-authorisation.
Pre-Submission Review
Read the answers in the Connect portal against each section of your application. The reasons for delays included here include missing answers or unsigned declarations.
A simple check list of the 6 sections will assist in ensuring all the necessary information has been included prior to submission to the FCA.
