- What are the 2 types of FCA Authorisation for firms?
- What is an FCA Authorised person?
- How long does it take to get FCA Authorisation?
- Can the FCA investigate individuals?
- How much does it cost to become FCA registered?
- Who needs to be FCA approved?
- Who can be an Authorised person?
- Do mortgage brokers need to be FCA registered?
What are the 2 types of FCA Authorisation for firms?
We have two categories of authorisation for consumer credit firms: ‘limited permission’ and ‘full permission’.
Whether you need to apply for limited or full permission depends on the regulated activities your firm will carry on.
Use our step-by-step tool to help you decide (PDF)..
What is an FCA Authorised person?
An ‘approved person’ is an individual who we approve to do one or more activities – what we call ‘controlled functions’ (senior management functions are a sub-set of controlled functions) – for an authorised firm.
How long does it take to get FCA Authorisation?
12 monthsTo receive your FCA authorisation, it can take up to 12 months, but you should receive some initial feedback within the six-month mark. You may need to amend your application upon receiving feedback, hence it is not uncommon to wait up to 24 months. For a broker or introducer, the process can take around six months.
Can the FCA investigate individuals?
Under the Financial Services and Markets Act (‘FSMA’), we may open specific investigations if there are circumstances suggesting that a firm or individual may have breached one or more of our rules or principles, or may be guilty of certain offences.
How much does it cost to become FCA registered?
The initial application filing fee that firms will have to pay depends on whether the firm’s application is straightforward (£1,500), moderately complex (£5,000) or complex (£25,000).
Who needs to be FCA approved?
We are bound by the Financial Services and Markets Act 2000 (FSMA) to regulate certain financial activities. You’ll probably need to be authorised by us if you’re a financial services firm carrying on regulated activities, or if you’re a firm offering loans, car financing deals or other consumer credit.
Who can be an Authorised person?
A person who is authorised for the purposes of section 31 of the Financial Services and Markets Act 2000 (FSMA). This term refers to: A person who has a Part 4A permission under FSMA to carry on one or more regulated activities.
Do mortgage brokers need to be FCA registered?
Are you a qualified mortgage broker? A mortgage broker will need to hold an FCA recognised qualification such as a CeMAP (IFS School of Finance Certificate in Mortgage Advice and Practice) or Cert MA (Chartered Insurance Institute Certificate in Mortgage Advice).