May old regulators be forgot...
New year is normally the time at which we start to make wildly optimistic resolutions about what we’re going to change in the approaching twelve months; drinking less, exercising more, learning a new language, leaving behind an old vice….Those of you who experienced a shift in regulator from the Office of Fair Trading to the Financial Conduct Authority this year might think that you’ve already had more than enough change for the time being, thank you very much! However, there are some new year’s resolutions that you can put in place to make this regulatory change as painless as possible.
Firstly, don’t leave compiling your management information until the point at which the FCA needs to see it. As you now know, there are quite a few new mandatory reports and returns you need to make under this regulator than previously; most notably the GABRIEL. With proper preparation they can be quite time-consuming; without having the data you need already in the proper format, they can eat up entire days. By adopting the systems and processes you need and entering data into them on an ongoing basis, you’ll save yourself a lot of time and hassle in the long-run.
Secondly, if you take on any directors or any current directors of your firm leave, then make a resolution to let the FCA know as soon as any change happens. Under the FCA, directors need to be registered as appointed persons – yet another change from the way things worked under the OFT – and not informing the regulator of any alterations to the directors in place is classed as a compliance breach, resulting in a fine or possibly a suspension of trading permission.
Finally, if you are struggling to understand or make time for your new regulatory obligations, then resolve to ask for help where you need it. Unlike the SimplyBiz Group, compliance isn’t the core specialism of your firm, and the past few months have seen an incredible amount of change to your operating and reporting obligations. Recognising that you need help and support and identifying the best place from which to source it can be a wise and profitable business decision for firms in all industries and shouldn’t be viewed as a weakness when, in fact it is quite the opposite.
There is a solution to all of these issues, and that is to engage a specialist provider to handle your application and ongoing compliance requirements for you. The Consumer Credit Centre, which is part of the SimplyBiz Group, has a 100% success rate in getting consumer credit applications approved first time by the FCA and it the cost for this service is less than an average two day’s earnings.
The SimplyBiz Group has twelve years of experience in this area and a highly skilled specialist team, and that’s just one of the reasons why AOBP has chosen to partner with us. If you want help with applying for permissions or changing your application date for consumer credit authorisation, please get in touch with us urgently on 01484 443424.
Consumer Credit Centre