FCA Applications & Authorisation Support

 Applying for FCA authorisation can feel daunting, particularly when you are trying to build or develop the business at the same time.

A strong application is about much more than completing forms. The business model, permissions, governance arrangements, financial resources, policies, systems and controls all need to work together and demonstrate how the firm will meet its regulatory obligations in practice.

Quinn Oath Advisory provides practical support to businesses preparing for FCA authorisation, as well as authorised firms seeking to change or extend their existing regulatory permissions.

Support is tailored to the business, the proposed regulated activities and how much of the application process you want help with.

 You may be at the very beginning of the process and trying to understand whether FCA authorisation is required, or you may already have started preparing your application and realised there is more involved than expected.

Quinn Oath Advisory can help you work through the application in a structured way, identify what needs to be prepared and make sure the different elements of the proposed business fit together.

Support may be useful where:

• you are starting a new regulated business;
• an existing business is moving into regulated activities;
• you are planning to undertake consumer credit or other FCA-regulated activities;
• you need help understanding the permissions relevant to your proposed business model;
• you have begun an FCA application but need additional regulatory support;
• your policies, governance arrangements or compliance framework still need to be developed;
• you need support preparing your regulatory business plan or supporting documentation;
• you want an independent review of an application before submission;
• you are already authorised and need to apply for a Variation of Permission.

Getting the foundations right before starting or submitting an FCA application can prevent unnecessary work later.

An Application Readiness Review provides an opportunity to look at the proposed business before progressing further with the application.

This can include consideration of:

• the proposed business model;
• regulated activities and likely permissions;
• customer types and distribution arrangements;
• products and services;
• governance and senior management arrangements;
• compliance responsibilities;
• Consumer Duty;
• financial promotions;
• complaints and vulnerable customer arrangements;
• compliance monitoring;
• risk management;
• operational resilience;
• policies, procedures and supporting documentation;
• areas that may need further development before submission.

Following the review, you will have a clearer understanding of what is already in place, what still needs to be developed and the next steps required.

 Submission is not necessarily the end of the work.

The FCA may ask for clarification, further information or additional documentation while assessing an application.

Quinn Oath Advisory can provide ongoing support during this stage, helping you understand the questions being raised, coordinate responses and identify where additional information or changes may be required.

 FCA application support is not limited to businesses seeking authorisation for the first time.

Existing authorised firms may need to change their permissions as their business develops, for example where they introduce a new regulated activity, product or service.

Quinn Oath Advisory can support firms considering a Variation of Permission, including:

• initial regulatory scoping;
• considering the proposed change to the business model;
• reviewing the impact on existing governance and controls;
• identifying additional policies or framework changes;
• supporting the application and supporting documentation;
• FCA Connect support;
• preparation for regulatory questions following submission.

Every FCA application is different, so the scope of support is agreed around the individual business.

You may want help with the complete application project, or you may only require support with a particular element.

Support can include:

An initial assessment of the proposed business model, regulatory scope, permissions and application readiness, with clear recommendations and next steps. 

Structured support across the application process, from scoping and preparation through to submission and subsequent FCA queries. 

 Independent review of an application and supporting documentation that has already been prepared. 

Focused assistance with individual areas such as the regulatory business plan, governance, compliance framework, policies or FCA Connect. 

Support for authorised firms seeking to amend or extend their existing regulatory permissions.