Regulatory Services

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Who Buys It?

  • Businesses which introduce their customers to any form of credit broker, or who hire goods for periods of longer than 3 months

Why Buy?

  • We can obtain quick, simple and inexpensive authorisation where required, or alternatively provide simple representative documentation if that is a feasible alternative to direct authorisation
  • We simplify your administration by taking on your authorised person responsibilities for you

Description

This is a specialist legal area that requires the application of experience. Jonathan Mounteney has extensive experience in working with the FCA.

The appointment of an Authorised Representative involves (1) entering into a representation agreement, and (2) recording the appointment against the appointer’s authorisation – that will have the automatic effect of causing the representative to have their own regulatory record with the FCA, in respect of their appointment.

The FCA authorisation application process is extremely difficult to navigate for a number of reasons:

  • The FCA system is unusually anti-intuitive – no immediate help being available from the FCA to assist piloting it.
  • The entire area is immersed in obscure jargon and concepts that will mystify the inexperienced.
  •  A number of subsidiary documents are required, including Business Plans, Staff Charts, Compliance Processes, Monitoring Processes, Crime procedures and “Information Appendices”. We know what the FCA want by these strange titles, and provide drafts for you.
  • The forms themselves contain a number of traps for the unwary that are capable of considerably complicating the process if inadvertently “sprung”.

 

For these reasons clients instruct us to make their registration application on their behalf.

In order to hold any authorisation, an entity needs to have at least one individual person both registered with the FCA as a person authorised to transact business with the FCA for the entity, and who is willing and able to do so. Clients of ours who do not have people within their structure with the willingness, skills, time or experience available to conduct this role may be interested in our offer of “Authorised Person” services – i.e. supplying one of our Authorised Persons (normally Jonathan Mounteney) to act as your authorised person, and to take-on the obligation of making your regulatory filings for you.

How long will it take?

  • We supply you with all the necessary documentation
  • Conduct your entire application process independently of you, on your behalf (typically takes about a month), and can act as your registered person as required.

Money Matters

Our work will be charged as follows:

  • Representation agreement: £250
  • Authorised Person service : £250 p.a.

In addition, the FCA annual fees payable for limited permission are currently:

  • Regulated Income up to £50,000 (most instances): £250
  • Regulated Income £50,001 to £100,000: £400
  • Regulated Income £100,001 to £250,000: £500

 

  • Limited authorisation applications : £480.

In addition, the FCA application fee:

  • £100 for annual consumer credit income up to £50,000;
  • £500 if higher.

In some cases this may mean we’ll get relatively better paid for doing less work than in other cases, in which the fixed fee will barely cover our costs. This is simply the nature of the mutual ‘gamble’ between a solicitor and their client when they fix a fee.

More detail of all these matters will be outlined in our retainer letter which you will be able to review before you engage us, after pressing the “Buy” button on the website.

If you need any further information, please give us a call. We do hope you decide to retain us.