The Financial Conduct Authority (FCA) wants to make applications to become FCA authorised quicker and easier for firms.
To support this, it has shared examples of good practice and areas for improvement to help new firms understand the FCA’s expectations and raise the quality of applications.
The resource covers what firms can do to show they have appropriate staffing and financial resources. It also sets out how firms can document their processes and procedures, demonstrate appropriate systems and controls, and show how they will deliver good customer outcomes.
This publication adds to the range of support the FCA provides for firms.
Check and update your firm’s information
Firms should ensure their information is correct and up to date. This is a regulatory requirement, ensuring consumer trust and market integrity.
You need to:
- Check your information: In My FCA, you can check what’s on the Financial Services Register. This includes your firm’s contact information and regulatory permission such as activities, limitations, and waivers.
- Update your details: Update any incorrect information using Connect.
The FCA publishes the information on the Financial Services Register and its new FCA Firm Checker.
Charlotte Clark on the Following the Rules podcast
The FCA’s Charlotte Clark joined host Lucy McNulty on the ‘Following the rules’ podcast to talk about the Consumer Duty, including:
- The positive impact so far.
- Work to streamline the rules.
- Plans to respond to the Chancellor about how the Duty is impacting wholesale financial firms.
Consumer Duty, Commission Disclosure and other financial regulation topics regularly feature on the agenda at the BVRLA’s Compliance Forum. The next one will be held on Wednesday 12 November, hosted by S&W in London. Sign up to attend: BVRLA Compliance Forum.
