FSA AUTHORISATIONS & SET UP

Are you looking to set up a regulated firm?  Do you already operate overseas and are looking for UK FSA authorisation?  The Consulting Consortium is able to assist with the authorisation process for establishing a branch or company in the UK.  To date, TCC has a 100% track record with regard to obtaining FSA authorisation.

The FSA have set requirements when considering an application to carry out regulated activities under the Financial Services and Markets Act (FSMA) and many of these come under what the FSA term as threshold conditions. Broadly speaking these are as follows:

Threshold Conditions

In order to obtain Part IV Permission firms need to demonstrate that they are able to meet and continue to meet the Threshold Conditions for authorisation which are essentially the minimum requirements that a firm must satisfy to be and remain authorised. In summary these are as follows:

• Legal Status—The firm must either be a body corporate or a partnership
• Location of Offices—The branch head office and registered office must be
located in the UK
• Close Links—The FSA must be satisfied that the firm does not have any  close links (links with other firms or individuals), that prevent effective FSA supervision of the firm.
• Adequate Resources—The firm must satisfy the FSA that it has adequate resources with regard to finance, management, staff and systems and controls
• Suitability—The FSA must be satisfied that the firm is fit and proper to be authorised in terms of:
– The competence and ability of its management
– The willingness of the management to conduct the firm’s business with integrity
– Management’s commitment to carry on business in compliance with the regulatory regime

When determining whether the firm will satisfy and continue to satisfy threshold condition 5, the FSA will have regard to all relevant matters, whether arising in the United Kingdom or elsewhere. Relevant matters include, but are not limited to, whether a firm:

(a) Conducts, or will conduct, its business with integrity and in compliance with proper standards
(b) Has, or will have, a competent and prudent management, and
(c) Can demonstrate that it conducts, or will conduct, its affairs with the exercise of due skill, care and diligence

The information above is a brief summary of the requirements that will need to be met in order to establish an authorised company or branch in the UK. TCC is able to provide expertise in all aspects of FSA Authorisation including the completion or checking of documents to ensure they are fit for purpose. Please note that the completion of all relevant documentation does not guarantee acceptance by the FSA and timescales for confirmation of authorisation may take up to 12 months dependent on the nature of the application. We will guide you through all the documentation you need to complete ensuring the process is as painless as possible.

For further information please call 020 3008 6020 or email info@theconsultingconsortium.com

Once the authorisation process is complete, TCC can offer you a wide range of compliance support services on either an ad-hoc or retained basis.  As an example, below is information regarding Compliance Manuals.  
 

Compliance Manuals:

A Compliance Manual is the cornerstone of any firms’ documentary procedures in relation to their obligations both to their clients and the regulator. It is important that this document is up to date as the FSA would require sight of this, as well as other documentation during an inspection visit.

In order to fulfill this obligation TCC will produce a simple bespoke compliance plan and compliance manual covering the business that your firm undertakes. A Compliance Manual will usually consist of most if not all of the following chapter headings:       

    FSA – High Level Standards

    Principles for Business

    Senior Management Responsibilities

    Whistleblowing

    Approved Persons

    Authorisation

    Financial Promotions

    Record Keeping Requirements

    Advertising Procedures

    Financial Requirements Procedures

    FSA Breach Procedures

    Inducement Procedures

    FSA Notifications Procedures

    Reporting Procedures

    Personal Account Dealing Procedures

    Treating Customers Fairly

For further information on our compliance manuals service, including AML manuals, and our services around drafting policies and procedures, including Best Execution Policy, please call 020 3008 6020 or email  info@theconsultingconsortium.com