What to look for in FCA Compliance firms

Written by Scott

FCA authorisation is one of the key issue in the UK, because you just can’t conduct financial business without it. Therefore, you need to know how to comply with the FCA and become authorised, and the one that is going to help you out with that is a FCA compliance firm. This text will tell you all you need to know about how to accomplish such a thing, and all you have to do is read it up.

In order to get FCA authorised by a FCA compliance firm, you first have to find a consultant that is going to help you out in completing every step in the process of acquiring the authorisation. But first, let’s say a thing or two about the FCA and what it actually is. It is a regulatory organization that is completely independent from the Government that regulates the financial companies (or the companies that just deal with financial transactions), and it does it by offering various services to their clients while at the same time maintaining the integrity of the financial market and markets all around the country. This authority also regulates the conduct of financial products that have been linked to marketing in any way. This means that there is a set of minimum standards that each client needs to adhere to; and the authority also places various regulations on the related products. This authority can also conduct its own investigations in order to find out if a firm or an individual isn’t adhering to those standards. Apart from all those powers, the FCA also has another one making it really powerful, and that is banning certain financial products.

Now, let’s get back to the FCA authorisation process. This process is not as simple as some might think, and therefore it demands a professional work that needs to be reviewed over and over again. To understand just how complicated this process is, all we have to do is tell you that the authorisation process can take up to six months, and sometimes even longer than that!

Some people believe that all they have to do is fill out a form and that’s it, but that couldn’t be further from the truth. That’s just a part of the entire process, and the rest of it consists of various policies, procedures, systems and controls. However, once this is completed and a firm receives its authorisation, it is free to do financial work, including financial transactions and others.

These FCA compliance firms, such as Pragmatic Compliance have their own monitoring processes, meaning that if you wish to keep your authorisation, you need to comply with the FCA’s demands at all time. This means that there are no short cuts, and that everything needs to be done by the book. After all, it’s finances we’re talking about here, and that is serious business. Getting an FCA compliance authorisation can be hard, but losing it is really easy, and therefore every firm with it should really adhere to the FCA demands, which really aren’t that difficult to adhere to.

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