FCA Regulation: Here’s All You Need To Become FCA Compliant

by Cameron Douglas
FCA Regulation: Here's All You Need To Become FCA Compliant

The UK’s Financial Conduct Authority (FCA) was introduced in 2013 to oversee and regulate the activities in the financial services industry. If you run a business that is related to this industry, your company certainly needs to be FCA-compliant.

  • What exactly is the role of the FCA today?
  • What exactly do you need for your business to become FCA registeredin 2023?
  • Why should you hire Mema Consultants for your FCA needs?

You’ll find answers to these FCA-compliant questions as you read on.


Here’s exactly all you need to know about the FCA

As earlier mentioned, the FCA was established in the United Kingdom in April 2013. This agency was created specifically to regulate the financial services industry.

Today, FCA regulation covers different aspects of the UK’s financial services industry:

  • First, this agency helps to protect consumers in the financial services industry.
  • In addition, the role of the FCA also includes regulating the industry and ensuring its stability.
  • That’s not all; the FCA is also responsible for promoting healthy competition between all the UK’s financial services providers.


How can you make your business FCA complaints today?

As long as your business involves providing financial services to people in the UK, your company certainly needs to be FCA-compliant. Yes, FCA authorisation is important for you to continue running your business legally in the country.

Let’s face it; getting FCA registered isn’t an easy thing, especially if you know little or nothing about how the FCA register works. According to a report by the agency, roughly 85% of crypto asset firms recently failed after sending their application for FCA authorisation. The applications failed because the companies couldn’t meet FCA’s minimum standards.

Below are a few steps you need to consider to get your financial service company FCA-registered today:


1. Hire a reliable compliance consultant, such as Mema Consultants

For you to make your company FCA compliant today, we’ll advise you to hire a reliable FCA-related services provider. In the UK today, Mema Consultants is one of the few reliable firms you can trust to handle your FCA authorisation project successfully. This company has many years of experience in providing FCA authorisation services.

In addition, Mema Consultants also provides the following solutions:

  • FCA payment service permissions
  • Evaluation of your company’s anti-financial crime programme
  • FCA regulationtraining & advisory services


2. What Permission do you Need for Your Business?

With a reliable FCA-related compliance consultant, such as Mema Consultants, the first step to getting authorized requires you to identify the exact permission your business needs. Experts at Mema Consultants will help you identify the right permission for your business by gathering the necessary information regarding your business model, risks, and internal controls. The information provided will enable Mema Consultants to identify the right FCA permission for your company.


3. FCA Application

As soon as the experts at Mema Consultants identify the best permission for your business, what’s next is the creation of your FCA application. FCA application differs from company to company based on a few factors, such as business model and business complexity.

To create your application, these experts will help you create the following things based on your input:

  • Business policies & procedures
  • Compliance monitoring programme
  • FCA business planfor your business
  • Other important documents


4. Managing Your Application

Once the application creation is sorted, Mema Consultants will proceed by managing the application for you. Of course, you’ll need to pay your application fees here. After that, the experts will help you submit your application and manage it the right way.

After submission,  you need to expect the FCA to ask some questions regarding your business. Here’s where the need for Mema Consultants to help manage your application comes into play.


5. FCA Authorisation

To become FCA authorized, the agency will require you to meet certain conditions. With Mema Consultants, you’ve got nothing to worry about. The firm’s team of experts will guide you on exactly what you need to do to meet these conditions. As soon as you need these conditions, you can expect the FCA to authorize you within the next 24 hours.

Of course, you’ll need to remain FCA compliant after getting authorized.  The experts at Mema Consultants are readily available to help you remain compliant as you run your financial services business.

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