Getting authorised by the FCA

All financial services providers, investment firms, and consumer credit firms must be authorised by the Financial Conduct Authority (FCA) in order to continue doing business in the UK.

Cosegic has been providing FCA application support to firms across all sectors since 2003, in this time we have honed our service, managing over 1,500 successful FCA applications. Our team of experts is in regular communication with the regulator and each other, keeping on top of what the latest appliaction expectations are. If you are looking to get authorised, we can help you. Once we establish whether you need to be authorised and regulated by the FCA, we determine exactly which 'permissions' you require. Then we help you navigate the authorisation process, providing all the documentation and information you need. Our breadth of experience allows us to balance firms’ business objectives with their compliance requirements and ensure that the application process runs as smoothly as possible.

Looking for a little more information? Download one of our useful guides below which will help you understand the authorisation process and whether it is right for you.

10 tips to authorisation  Authorisation vs AR factsheet

How we help firms achieve FCA authorisation

Step 1: Information Gathering

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To kick off we’ll need to establish which of your business activities are regulated, and the implications of this. We’ll set up a time to discuss your business model, internal controls around governance, risk, and compliance, as well as the key individuals at your firm. Following this we’ll be able to determine exactly which 'permissions' you require.

We then move to our process of compiling all the information required in order to build your information pack. We will guide you through what we need to know and ensure we’ve got everything the FCA requires.

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Step 2: Application Creation

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Having provided us with the information we need, it’s over to us to tailor your application pack. The contents of the application pack will vary for every single company, depending on the scale and complexity of your business model.

With input from you, we will create policies and procedures, your Regulatory Business Plan, Compliance Monitoring Programme, and any other relevant documentation required. The application though is ‘yours’, and the FCA will expect each application to be reflective of your business. We know what the FCA is looking for when it reviews a firm’s application and will work with you to ensure we anticipate any concerns the FCA may have, helping to avoid delays further in the process.

Once we’ve completed the application pack, we’ll send it to you for a final review.

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Step 3: Application Management

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All FCA authorisation applications are submitted online via the FCA’s Connect system and we’ll take care of this for you. It’s at this point you’ll need to pay your application fees.

From here the FCA will acknowledge receipt of your application and your Case Officer will then be appointed. This will be where the FCA may ask questions on your application and we’ll be on hand to help ensure responses are professionally worded and provide the appropriate information and evidence requested. If further discussions with the FCA are required your Consultant will be available for this.

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Step 4: Authorisation

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Prior to authorisation you’ll be “Minded to Authorise”, it’s here the FCA may need to ask you to complete certain conditions. We’ll guide you through how to satisfy these requests, and once met, the FCA will typically authorise you within 24 hours.

Once you are authorised you will have to comply with FCA rules and the various commitments made to the FCA within the application. We will set up a handover meeting, providing you with your compliance manual and framework and talking you through what you need to do in practice to comply with the FCA’s rules. If you feel as though you might need additional support in meeting your ongoing compliance obligations after this, we also provide additional support services which might interest you. Speak to one of our experts for more information. 

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The sectors we work with...

  • Wholesale Investment Firms forest

    Wholesale Investment Firms

    Our large team of wholesale industry experts work with clients including hedge fund managers, private markets firms, brokers and corporate finance firms.

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  • Capital Markets forest

    Capital Markets

    Our Capital Markets team use their experienced regulatory knowledge to help asset managers and broker dealers with a full service offering over a large spectrum of regulatory issues.

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  • Wealth Management forest

    Wealth Management

    Cosegic’s experienced Wealth Management team can help you interpret the regulations, using our in-depth knowledge to simplify complex regulations.

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  • Payment Services Cryptoassets forest

    Payment Services & Cryptoassets

    Our industry leading team know the regulatory landscape inside out, with our experience extending from traditional and challenger banks, authorised e-money and payment institutions through to fintechs and cryptoassets.

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  • Consumer Credit forest

    Consumer Credit

    We have successfully managed over 800 FCA applications for credit firms and currently have over 350 credit clients benefitting from our ongoing support.

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  • Insurance Mortgages Claims forest

    Insurance, Mortgages & Claims

    Whether you are looking for support in the insurance, mortgages, claims management or funeral planning space, our dedicated team of ex-regulators and industry practitioners are here to support you.

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Why choose Cosegic?

Our 360 degree perspective of regulatory affairs

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Our 360 degree perspective of regulatory affairs

Our wide range of financial sector experts come together on a regular basis to discuss their interactions with the FCA and the regulatory trends that they are seeing, providing us with a more informed understanding of the FCA than our competitors.

Direct, proportionate advice

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Direct, proportionate advice

Our unique perspective means we really do have our fingers on the pulse of regulation, which helps us to ensure that the advice we offer is practical, helpful and directly proportionate to our clients’ needs.

Our understanding of the role of compliance in firms

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Our understanding of the role of compliance in firms

We have watched the evolution of compliance over the past twenty years and understand that compliance must now become a core part of how financial services carry out their businesses in order for them to be successful.

Compliance confidence for visionary growth

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Compliance confidence for visionary growth

In recognising this, our services have been built in a way that can help you navigate regulation ensuring you will keep your vision and objectives intact. Our breadth of experience allows us to balance your business objectives with your compliance requirements.

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