Your questions answered

Here you can find our most frequently asked questions – covering what we do, our process and how we can help you.

What is FinTech?

FinTech is any Financial services company which utilises technology in the design or production of their product, and / or a use of technology in delivering that product to the client, or enhancing the user experience.

We tend to think of FinTech Firms as having some, or all of the following features:

    1. Technology (Of course)

    2. An Innovation in product, service, or methodology of delivery to user

    3. Alternative Finance (non-mainstream investment products)

Why should I use FinTech Compliance?

FinTech Compliance:

Has knowledge of and expertise in financial services compliance, governance and regulation, and how this specifically relates to FinTech firms of all kinds

Has consultants, who have extensive experience in assisting FinTech firms, in: 

  • Scoping where a new, untested business model fits in the regulatory landscape
  • Applying for the appropriate FCA licence(s)
  • Providing ad-hoc assistance and advice in respect of developing iterative business models and new ventures 
  • Operating on an ongoing retainer basis in providing advice, independent monitoring, and peace of mind
  • Possessing the creativity needed to come up with practical solutions for new, untested business models in a challenging regulatory landscape
  • Being proactive, adding value and knowledge to your management team and working hard on your behalf.

Has experience in the following types of firms: 

  • Insurance
  • Consumer Credit (including loan-Based crowdfunding – known as P2P lending)
  • Corporate Finance (including Equity-Based Crowdfunding)
  • Payments Services
  • Electronic Money
  • Securities and Futures Brokers
  • Investment management firms, private equity firms and venture capitalists – broadly falling under the Alternative Investment Fund Managers Directive (AIFMD)
  • Sports Spread Betting firms
  • “Robo-Advisors”

Do I need to be authorised by the FCA?

If you wish to conduct regulated activities in the UK, you will need to be authorised by the FCA. A brief and free discussion with one of our specialists will quickly establish whether you will need to be or not.

What is the process and how long will it take?

The activities, client type and instruments will need to be established and then the appropriate documentation will need to be submitted to the FCA. Getting the pack together usually takes around a month and then the FCA can take up to six months to revert with queries before final approval is given. Fees to the FCA vary on the permission profile required.

The FCA have asked my firm to do a full review on a specific area of my business, how would I get this done?

Depending on the area, we can introduce you to one of our specialists to assess your requirements and conduct the review.

I am registered / authorised but I’m having trouble keeping up with the compliance requirements, what do you suggest?

Compliance services can be varied to suit your requirements, flexible, cost effective, offerings are always available. We would suggest you touch base with us to determine what your requirements are.

I need training in specialist areas for my staff.

We have a great many training schemes available and can also produce bespoke training specifically for your requirements.

Any more questions? 020 7100 4058

Get in touch with us if you have any unanswered questions.