Rolling with the changes
Undergoing change – whether professional or personal – can be a challenging time, and there are few more significant than the change currently facing those in our field; getting to grips with a completely new regulator.
Many intermediaries, due to either a change in regulator or previously unregulated business area moving into the regulated sphere, are experiencing the world of Financial Conduct Authority (FCA) authorisation and supervision for the first time.
For those previously unregulated, or regulated by the OFT, you may have noticed that the FCA are a different animal. They are certainly more engaged with the activities of the firms they regulate than the OFT, have a wider scope of interest and require more information and evidence of adherence to their rulebook. Whilst there’s been a lot of activity in the press recently about the FCA’s application process, its intricacies and the length of time taken to become authorised (currently about six months), it’s worth bearing in mind that FCA authorisation is not a one-off job. Once authorised, you must keep to the regulator’s rules on an ongoing basis – those already inexistence in CONC and MCOB plus the revisions and new MCD policy coming into play soon – document and evidence your adherence to those rules and provide comprehensive reports on a regular basis.
Sound like fun?!
Well, it’s not all doom and gloom; membership of the AOBP is a good place to start in order to have a central point to discuss and collect information on your new regulatory world. The SimplyBiz Group, of which the Consumer Credit Centre is a part, have many years of experience and a specialist team, dedicated to helping advisers and intermediaries through the FCA application process and into the regulatory world beyond, and that’s why AOBP have chosen to partner with us to power their online ‘Compliance Hub’. We’ll also be providing regular pieces here which will take a closer look at issues including; the application process , creditworthiness, vulnerable clients, reporting and much more.
If you have any questions in the meantime, please don’t hesitate to get in touch with the Consumer Credit Centre team on 01484 443424.
Client Proposition Director