How to register with the FCA

If you run a financial services business in the UK, chances are you’ve heard about the FCA register and if you want to operate legally, you need to be on it. But the process can seem intimidating if you’ve never done it before.

In this guide, we’ll break down how to register with the FCA (Financial Conduct Authority).

What is the FCA Register?

The FCA register is the official list of businesses and individuals that are authorised or registered to carry out regulated financial services activities in the UK. Being on this register proves to your customers that you’re legitimate, compliant, and trustworthy.

Who Needs to Register with the FCA?

You’ll need to register with the FCA if your business is involved in:

  • Consumer credit (e.g. car finance, loans, credit broking)
  • Investment advice or management
  • Payment services
  • Insurance
  • E-money issuance
  • Mortgage advice and broking
  • Claims Management (unless you are a solicitor firm)
  • Pensions

If you’re not sure whether you need authorisation, the FCA has a handy perimeter guidance manual. Or you can speak to us we’ll help you decide what permissions you need, saving you time, money, and stress.

Step-by-Step: How to Register with the FCA

  1. Choose the Right Permissions: Picking the wrong permissions is one of the top reasons applications get delayed. You need to be clear on what you require, the FCA won’t just tell you along the way.
  2. Gather Your Information: You’ll need a regulatory business plan, financial forecasts, policies, and staff details. These must all compliment each other and be a true reflection of what your business will do and how it will align with the FCA’s rules and regulations.
  3. Submit Your Application: The FCA uses its online system, Connect, for applications. Forms must be filled out accurately with completed policies attached. The FCA’s favourite phrase is ‘this is not an iterative process!’
  4. Respond to FCA Queries: The FCA will come back with questions. You should be prepared for what they may ask by being aware of any perceived risks and ensuring your business plan already covers them.
  5. Prepare for an interview: The FCA will arrange a video meeting with the senior leaders individually to ensure they are prepared and knowledgeable to run a regulated firm. You must conduct training and check knowledge in advance.
  6. Stay Compliant After Approval: Authorisation isn’t the end ongoing compliance is key. You have set out what you will do and made your promises, it’s time to deliver!

Want to speak to an expert?

If you would like a member of our team to explain the process to you or have us make this straightforward by supporting your application then don’t hesitate to contact us

Email us: sales@thecomplianceguys.co.uk

Call us: 01792926040