FCA Authorisation registration application
1. Making credit introductions and,
2. Entering into hire contracts over 2 months’ duration,
can both fall within the Consumer Credit regime, giving rise to the requirement to obtain authorisation from the FCA. Failure to obtain proper authorisation – i.e. carrying out these activities without authorisation – can both be illegal (i.e. a criminal offense with serious penalties attached), and also render the underlying arrangements legally unenforceable.
By this service we apply to the FCA on your behalf for you to become authorised to provide the restricted activities, lawfully.
How long will it take?
We don’t generally do anything for new clients until our process of client retention has concluded – this involves agreeing the scope of what we are doing for the price (our terms are below), setting-up our client record (that includes ID checks), and producing the bill (payment in advance is required for all new clients).
The FCA allow themselves 6 months to process application, and we’ve found their processing time varies greatly, depending on how busy they are. The fastest application we’ve ever seen was 2-3 month. The FCA have dragged some applications out for almost a year.
Your supplier is unregulated Mounteney Legal Services Limited, that does not charge VAT
We charge £440
In addition, you will have to pay the FCA application fee, normally £100 for annual consumer credit income up to £50,000 (the usual bracket applicable]
In addition, once registered, FCA annual fees payable for limited permission are currently around £300 for Regulated Income up to £50,000 (most instances).
There is more about our fees on our website here
If you have any questions or require any further information, please don’t hesitate to Contact Us.