Trading yourself on behalf of clients.
IFAC can set you up to trade with a emoney licence, API or SPI licence.
EMONEY - 20K cap ad with FCA and 5k application fee. IFAC charge 400 pm from submission. Emoney gives you debit cards, and virtual banking, similar to well know firms that are commonly known as bank- Starling/ Revolut/Monzo etc. These firms are not deposit taking institutions, but can issue money on credit.
API IFAC charge 400 pm from authorisation (ie no foal no fee!). These firms can transfer money, switch currencies and use Point of Sale POS apps online.
SPI IFAC charge 200 pm from authorisation. Similar to the above, but limited in scale and geographical reach.
Min fee period is 12 months. The reason we only charge monthly fee is that in order to achieve the licence you need to follow IFAC procedures, compliance, AML procedures and so on. We know they are compliant, we know that the FCA will accept them and it will take a lot of work to produce your own procedures from scratch. Obviously if your firm is already trading, this is not so easy, and bespoke quote may be required.
After authorisation we will continue to act for you as your compliance manager.
We audit the process, see you regularly and keep you acting in accordance with FCA rules etc.
Our key is to satisfy and give comfort to the FCA that your activities are beyond reproach (which of course means that they must be so)
After authorisation we will submit FCA returns, regularly audit your process and give you a compliance management system BAT that will operate as your platform CRM. The system will not trade for you but will keep a record of activities in line with FCA requirements. IT will also check customer vulnerability online, and allow automatic pep sanction ID verification.
At some stage in your business life you may be able to afford a full time compliance director, and we can help recruit that role at that time, and we usually go on to support that individual with T&C and knowledge etc.
We can normally get the application submitted within a week of receiving all the relevant paperwork required from you CV / disclosures, plans etc.
We have a large number of template documents that will need adjusting for you.
The FCA can take up to six months, but we would expect three months to be more likely as of current climate.
The largest part of the delays is waiting for a FCA case officer to be appointed.
The application process is rigorous and testing, and if you contact IFAC you can expect a similar standard applied, except if we discuss your cae - you'll know before the end of the phone conversation whether or not your application with the FCA will be successful. You will require external support. Without it you will have little idea of the quality of applications being submitted by your peers.
If keen please sign the below link. We will be in touch with formal paperwork and start to build the application the following day - the first step would be a formal visit to go through the soft facts to enable us to build the application.