Supporting you every step of the way

Prepare for success

Our specialist experience of interpreting guidance, and successfully applying it to business operations, will help you to assess your current state of readiness against regulatory requirements. We’ll identify exactly what you need to do with clear and prescriptive actions that will help with your success.

As with everything in business, getting things right from the outset will save you unnecessary time and cost later. Preparing in the right way will give you the greatest chance of success in your application, with fewer questions from the FCA to answer and a quicker route to authorisation. Preparing correctly will also ensure that you’ll be able to operate in a compliant way, less exposed to customer complaints and less exposed to intervention from the Regulator or the Ombudsman.

To be successful with your application the FCA will require you to demonstrate how you have readied your business for regulation. Prior to making your application you will need to ensure that you have considered the FCA guidance and interpreted how it applies your business.

The FCA standards includes System and Controls (SYSC), General Provisions (GEN), Principles Based Advice (PRIN) and Know Your Customer (KYC). Firms need to understand these standards and consider how they impact their individual set of business circumstances. You will be expected to demonstrate how you have effectively applied the standards the most important of which is ‘Treating Customers Fairly’.

All of this normally requires that you have developed a regulatory business plan and appropriate policies and procedures. Other things that you are likely to need to review are your customer complaint handling process and how you create and communicate financial promotions. Even your employee incentives and reward schemes must be considered. Finally you need to show how you’re going to embed this in your organisational culture through training, monitoring and governance.