If you’re just starting your business in the UK’s financial services industry, one important question you need to ask is – “when is the right time to consider FCA authorisation?” As you read further, you’ll find all you should know about this FCA-related question. In addition, you’ll also discover everything you need to know about the following FCA questions:
- Why should you apply for FCA authorisation?
- What exactly do you need to consider to become FCA-registered?
- Why should you hire Mema Consultants for your FCA needs today?
Is the application for FCA Authorisation worth it?
Application for FCA authorisation isn’t just worth it. In addition, FCA application/authorization is a must, as long as you run your business in the UK’s financial services industry. That is not all; you also need to register for FCA if your business carries out regulated financial activities.
It’s no more news that all companies dealing with assets, financial data, and transactions have a certain risk level. For consumers not to get affected by these risks, the FCA is created to regulate the financial services sector. As long as your business deals with people’s money, you’re bound to remain FCA compliant.
FCA regulation also applies to businesses that deal with people’s financial data or assets. With this regulation, the FCA ensures that businesses must protect their customers or clients in the best way possible.
Other reasons
Of course, your customers aren’t the only people to benefit from you getting FCA registered. Directly or indirectly, your business can also benefit from this regulation. But how exactly is this possible?
Investing in the financial services industry comes with many risks. A lot of people know about this problem and are very careful to choose a suitable firm to invest with. By applying and getting FCA authorisation for your company, many people will see reasons to start investing in your services.
Yes, being FCA-authorised will help you attract more people to your business. This authorisation means FCA has approved that these people can trust you with their assets, money, or even financial advisory.
What to consider for your company to be FCA registered?
Being FCA registered isn’t something you can just pay for and get immediately. Instead, for your business to get FCA authorisation, you need to meet certain requirements.
- As long as your company meets these requirements, the first thing you need is to take care of your FCA-related responsibilities. First, you need to pick approved persons in your company to handle all requirements for FCA authorisation. According to FCA, these persons must be ‘fit and proper’ for this task. Taking care of your responsibilities also includes clearly defining your business’ purpose and how your company looks to make money.
- FCA responsibilities aside, your business also needs to meet its reporting requirements to become FCA authorized. Depending on your business size, you may need to provide regular and well-detailed reporting. Many people fail to get FCA registered because they don’t always meet their requirements. This explains why it’s advisable to hire a suitable compliance consultant, such as Mema Consultants, during this stage.
You can visit Mema Consultants’ official website today to better understand how this firm can help you handle your entire FCA authorization processes, including the reporting requirements.
