To get you authorised with the FCA, we charge an application fee payable prior to submission, and will charge a monthly fee payable from authorisation - please see our plans for the cost.
The FCA charge 2,720 on submission, and an annual fee (some of which is based on your expected and actual turnover), and you need Professional Indemnity Insurance.
You need sufficient capital adequacy prior to application and we will discuss the levels dependent on your business. You will also need to maintain this on an ongoing basis.
We can provide a full compliance management service, including the following:
1. Document library, including Suitability Report templates
2. Auto-Suitability report writer on BAT
3. A New Business and Turnover solution on BAT
4. Ongoing file checking including pre-sale if required; based on 10 per cent of cases or 1 per month
5. Annual Audits
6. T&C Support - 1-2-1 meetings, Role Plays, Training, Annual Knowledge updates and online testing
7. FCA returns
The contract is for a minimum of 12 months.
The fee includes a compliance management software system www.batsoftware.co.uk.
Here is a complete list of the services we do for IFAs https://ifac.eu/pages/plans.php
Post authorisation
After authorisation we will continue to act for you as your compliance manager.
We audit the firm's processes, are in contact with you regularly and keep you acting in accordance with FCA rules etc.
After authorisation we will submit FCA returns, regularly audit your process and give you a compliance management system BAT. The system will keep a record of activities in line with FCA requirements. The system will also record customer vulnerability online, and allow automatic sanction checks as well as the ability to undertake anti-money laundering checks.
FCA Application
We will get the application submitted after receiving all the relevant paperwork required from you. We have a large number of template documents that will need adjusting for you.
The FCA can take 6-12 months.
The FCA may have questions with regard to the firm and its application, which we will assist in answering with you. They will also likely require a meeting to discuss your application.
If you are keen to progress, please sign on the below link. We will be in touch with formal paperwork and start to build the application - the first step would be a discussion to go through the facts to enable us to build the application.