- Posted on: 5 December 2017
Are you ready to apply?
If the answer to all of the following questions is "Yes", then you're ready to get started:
Do you know who the company’s owners and Directors are?
Are you sure your planned business activities are regulated?
Is the business commercially viable?
Do you understand what you need to invest, both for start-up costs and regulatory capital to make your business profitable?
Have you planned the resources you will need (people, capital, systems, premises, etc.)?
Will the FCA consider your management team to be competent and "fit and proper"?
Are you, and any other funders for the project and Directors of the business, committed to it?Learn more about achieving authorisation
How long does it take to achieve authorisation?
The timescale very much depends on the type of application being made and its quality and completeness. For example, a Limited Permission Consumer Credit application might take anywhere between a few weeks and six months to be authorised by the FCA. By comparison, a full-scale Banking Licence application will take in the order of 12-15 months.
Does making an application guarantee authorisation?
No, not at all. The FCA apply a rigorous and detailed evaluation process to all applications. Generally speaking, applications prepared by experienced compliance professionals have a higher success rate and more rapid processing times. However, there are no guarantees and problems are most likely to crop up due to incomplete disclosure.