Fintech Compliance
FCA Statement: Review Your Firms Regulatory Permissions

By Kyte Ekstrom | Compliance, Consumer Credit, Credit Brokers, Credit Lenders, E Money, FCA Regulation, Financial Industries, FinTech, Insurance, Investment, Investment Advisor, Investment Manager | 0 Comments

The mighty powers of the FCA are about to become even move vigilant! The Financial Services Bill 2019-2021 – which is currently making its way through parliament – means that the FCA will be able to act more quickly when they consider that firms are no longer carrying out regulated activities.

The statement published on 18 January 2021, reminds firms of their obligation to review their regulatory permissions on a regular basis, and to ensure they make the necessary changes in a timely manner.

The power is in their hands – and where the FCA believes a firm is not carrying on a regulated activity, it will be able to serve notice on the firm asking for a written response within 14 days. If the firm does not respond, the FCA can then publish a second, public notice explaining that it appears that the firm is not carrying on a regulated activity. The FCA can subsequently vary or cancel the firm’s permissions after only one month.

Protect Your Domain

Review your permissions and maintain only those you need, this will not only save you the unnecessary fees of paying for unused or out dated permissions, but will also assist the FCA in keeping the Financial Services Register up-to-date and help fight financial crime.

We recommend that firms read the FCA Statement and follow the the actions outlined if applicable.

If FCA regulations, permissions and your firms obligations leave you in distress? Fear not, one of our caped crusaders, aka, dedicated compliance advisors, are just a click away.

Fintech Compliance – we’re here to help!

We are the only compliance consultancy in the UK to specialise exclusively in fintech, meaning we understand your business and your needs. Our dynamic team all hold industry qualifications and are up to date with the latest compliance regulations regarding all spheres of technology based, and alternative finance companies.

Our award-winning services include:

Comply-Audit

A deep dive look into your businesses activities and processes to determine the level of compliance required in order to fulfil regulatory requirements. Think of this service as a ‘health check’, which can range from checking on one element of your business or a full-firm-wide review.

Comply-Lite

Our cost-effective retainer service for firms with low compliance requirements.

Comply-Retainer

This popular service is the comprehensive way to ensure your firm remains compliant.  Providing you with periodic risk-based compliance reports focused on specific areas of the business, as well as any other ongoing advice or compliance assistance required.

Comply Ad hoc

Perfect for situations when you need assistance with one-off issues which require efficient and effective resolution. Comply – Ad hoc incorporates assistance with any regulatory/compliance issues including the following:

  • Variation of permission applications
  • Change in control applications
  • Review of policies and procedures for compliance with relevant regulations
  • Independent, external compliance audits
  • Compliance training
  • Compliance gap analysis
  • Adding or removing Approved Persons from the FCA register
  • Assistance with GABRIEL reporting
  • AML/KYC issues
  • Ongoing capital calculations
  • “Passporting” applications

Bespoke Training

Providing you with training services specific to your business and activities. With financial regulation constantly evolving, it is imperative that your firm keeps up-to-date with its requirements, including maintaining the competency of staff. Some of the training services we currently provide to businesses include:

  • Introduction to compliance
  • AML
  • Market Abuse
  • Data Protection
  • Anti bribery and corruption
  • Financial promotions

To find out more about Fintech Compliance, our superhero services, and how we can help you stay compliant> Get In Touch

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