FCA Authorisation Support
How can we assist your firm?
1. A free consultation
The NACFB will provide a free no obligation consultation, answering your questions and confirming your suitability for NACFB Authorisation Support
2. Set up on the FCA Connect System
We will set you on the FCA Connect system and manage your application from beginning to end
3. Request relevant information from you
This will be about your business activities, history, future plans, financial details, systems and controls and approved persons/senior managers
4. Support and guidance in relation to Senior Managers and Certification Regime
Including selection of senior managers and assignment of Significant Management Functions and prescribed responsibilities
5. Provision of template documentation, including policies and other useful documents
We will assist you in tailoring these to your business and perform a review prior to submission to FCA
6. Pre-submission reviews
We will review all information pre-submission to the FCA, including validating the compliance of your business website
7. Upload of documentation to Connect
8. Provide updates and assist you with FCA questions and queries until conclusion of assessment
We will provide direction, guidance and advice in respect to any FCA challenges to your proposed business activities
9. Supporting you post-authorisation
We will provide you with a summary of your ongoing responsibilities and an FCA authorised firm, in addition to your ongoing member compliance support
Find out more by downloading our FCA Authorisation Support brochure:
Frequently asked questions
In the context of credit-related regulated activities, a client is a ‘consumer’ who is defined as:
• an individual;
• a partnership consisting of two or three persons of which at
least one partner is an individual; or
• an unincorporated body that does not consist entirely of bodies corporate and that is not a partnership.
‘Credit agreement’ is defined in Article 60B of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO) as ‘an agreement between an individual or relevant recipient of credit (‘A’) and any other person (‘B’) under which B provides A with credit of any amount’
There are six activities that fall within credit broking. These are:
1. effecting an introduction of an individual who wishes to enter into a credit agreement to another person, with a view to that person entering as lender into a credit agreement by way of business;
2. effecting an introduction of an individual who wishes to enter into a consumer hire agreement to another person, with a view to that person entering as owner into a consumer hire
agreement by way of business (except where the exemption relating to the supply of essential services would apply to the consumer hire agreement, see PERG 2.7.19 G);
3. effecting an introduction of an individual who wishes to enter into a credit agreement or a consumer hire agreement to a person who carries on an activity in (1) or (2) by way of business;
4. presenting or offering an agreement which would (if entered into) be a credit agreement;
5. Assisting an individual by undertaking preparatory work with a view of that person entering into a regulated credit agreement;
6. Entering into a regulated credit agreement on behalf of a lender.
The simple answer is no. The FCA perform an assessment on the suitability of your business plan and the individuals responsible for overseeing the business. In the event the FCA are not satisfied that the proposed plans are aligned with their statutory and operational objectives, the application may be refused. With that being said, we are proud to have a 100% success rate with applications we have supported for FCA authorisation and will advise you if you may have trouble meeting FCA expectations.
The cost for member support is fixed at £1200+ VAT in respect to credit broking (and where necessary debt related permissions). Where additional permissions and support is required, the price will be agreed between us following our consultation.
The FCA have 6 months to consider a complete application and 12 months to consider an incomplete application. We typically see decisions made within 6 months, but this is cannot be guaranteed due to factors outside of our control.
We will provide support to non-members where we believe this is aligned to the NACFB’s mission. The cost for Non-members is a £2,400 +VAT for support with credit broking and debt related permissions. The costs for other permissions will be agreed between us following our consultation process.
If you have any questions on exemptions and exclusions, please get in touch. Alternatively, you can find further information can be found in the Perimeter Guidance manual under PERG 2.7 and 2.8.
We are unable to provide refunds unless exceptional circumstances apply.
The support service provided assumes the management of the applicant firm is sufficiently experienced and competent in financial services and the specific activities they seek to be authorised to perform. In the event you are lacking experience of competency, please speak to us, as we may have other options available to assist you.
Our service is designed to provide guidance and support only. The applicant firm will need to set aside time to complete key documents, such as the regulatory business plan and key policies and the various application forms. Several areas will need to be discussed and considered internally, such as the application of senior management functions within your management team and ownership of specific responsibilities. Much will depend on the size of your business and complexity of your activities and we discuss this is more detail during our consultation with you.