Policies for FCA Authorisation

Posted on by Know Your Compliance
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20
Oct

Are you currently in the process of completing your Financial Conduct Authority (FCA) application? If you are looking for templates and policies for FCA authorisation, look no further!

Know Your Compliance Limited are the UK’s leading FCA policy template provider. With 11,000+ organisations using our documents and toolkits to meet and exceed their regulatory compliance obligations. If you want to know how we can help you and which FCA policies and controls you need, read on…

Introduction to the FCA

Hand ticking a digital checklist of policies.The FCA is an independent financial regulatory body who regulate financial firms who provide services, products and consumer credit to customers in the UK. The aim of the regulator is to ensure consumers get a fair and relevant product or service and that the regulatory rules are complied with by providers. Established in April 2013, the FCA now regulate approx. 42,000 businesses and prudentially supervise another 41,000.

The FCA’s objectives and aim is to make financial firms transparent and accountable so that consumer trust is maintained in buying financial products and services. Regulated firms must put the customer first or adhere to the strict rules and guidelines. Those not doing so will be held accountable and penalised accordingly.

Applying for FCA Authorisation

When completing an FCA authorisation application, a firm is required to confirm their intended and ongoing compliance with the FCA Handbook rules and guidelines. This ‘compliance’ refers to adherence with regulatory, statutory, and legal requirements and laws, for which an extensive Compliance Program is required.

Firms are required to: –

  • Identify the standards, rules and regulations applicable to their permission type, industry and business type.
  • Develop policies, procedures, controls, and measures for following and adhering to these rules.
  • Implement a Compliance Monitoring Programme
  • Audit and monitor the systems and controls in place to ensure ongoing compliance and effectiveness.
  • Identify, assess and mitigate risks, vulnerabilities and breaches.
  • Train & support staff in complying with regulatory and legal compliance.

“A firm must take reasonable care to establish and maintain effective systems and controls for compliance with the regulatory system”. ~ FCA

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