As part of their aim to enhance consumer protection and give consumers access to products and services they can trust, the FCA have made it clear that the authorisation process for businesses and individuals will be subject to much stricter scrutiny, reducing the risks associated with money laundering, poor practice and unauthorised activity.
Under the new regime, the FCA will be more proactive and in its supervision of higher risk firms and levels of supervision and enforcement will increase with business size.
Our experts can guide your firm and approved staff members through the authorisation process, ensuring that FCA business principles are clear and understood and emphasising the need for businesses to pay attention to regulatory updates.
General legal guidance
Beyond authorisation, businesses will also need to get to grips with the wider implications of the new regime such as changes to documentation, policies and procedures across many areas of the business, a wholesale review of the way financial products are sold and incentivised, and a renewed focus on treating clients fairly (TCF) when it comes to creditworthiness and affordability.
These are just a few of the fundamental changes the FCA rule will bring and non-compliance may carry criminal sanctions. Can you afford not to get it right?
To discuss your options and obligations in more detail, contact us at: email@example.com