To get you authorised with the FCA, as an adviser, we charge an application fee payable prior to submission, and will charge a monthly fee payable from authorisation - please see our plans for the cost.
The FCA charge money on submission, and an annual fee (some of which is based on your expected and actual turnover), and you will also need Professional Indemnity Insurance.
You need sufficient capital adequacy prior to application and we will discuss the levels dependent on your business. You will also need to maintain this on an ongoing basis. We can provide a full compliance management service, including the following:
The contract is for a minimum of 12 months.
The fee includes a compliance management software system www.batsoftware.co.uk
IFAC can provide 100% file checking pre-sale via our innovative IT solutions in partnership with BAT. This is the silver bullet for authorisation applications.
After authorisation we will continue to act for you as your compliance manager, providing the regulator with comfort that counterparty audit is in place, and working. We will stay in contact with you regularly and keep you acting in accordance with FCA rules, and ensure that the regulator is comfortable working with you.
After authorisation we will submit FCA returns, regularly audit your process and give you a compliance management system BAT. The system will keep a record of activities in line with FCA requirements. The system will also record customer vulnerability online, and allow automatic sanction checks as well as the ability to undertake anti-money laundering checks.
FCA Application. We will get the application submitted after receiving all the relevant paperwork required from you. We have a large number of template documents that will need adjusting for you.
The FCA may have questions with regard to the firm and its application, which we will assist in answering with you. They will also likely require a meeting to discuss your application.
Next Steps. If you are keen to progress, please sign on the below link. We will be in touch with formal paperwork and start to build the application - the first step would be a discussion to go through the facts to enable us to build the application.