FCA Authorisation Guide: Key Steps to Ensure Compliance (Part 1)

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Introduction to FCA Authorisation (Part 1)

• Overview of FCA authorisation process
• Key considerations office location, fees,
  resourcing
• First focus areas firm resources, disclosures,
  risk management, business model

2
Firm Resources

• Senior management based in the UK with focused
  roles
• Succession planning and avoiding key-man
  dependency
• Adequate office setup, IT systems, disaster
  recovery, and compliance arrangements
• Compliance assigned to senior management with
  relevant qualifications

3
Disclosures

• Assessing the fitness and propriety of senior
  management
• Disclosure of relevant experience and history (no
  CCJs, debt issues)
• Clear explanation of negative historical
  information or enforcement actions
• Importance of honesty, integrity, and reputation
  in disclosures

4
Risk Management

• Identification, management, and monitoring of
  risks
• Clear articulation of risks to consumers and gap
  analysis
• Regulatory business plan and relevant policies to
  address risks
• Ongoing risk assessment processes for FCA
  application

5
Business Model

• Clarity on how the firm generates revenue and
  risks to consumers
• 10-12 page regulatory business plan for FCA
• Key sections governance, services, business
  risks, and compliance controls
• Alignment with FCA's "Treating Customers Fairly"
  principle and 3-year growth plans

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