Whether you’re a member of a network and want to go directly authorised, or you’re looking to set up a new directly authorised firm, the application process can appear daunting. It is of course supposed to be! The FCA need to ensure that your firm has the skills, resources and expertise to manage the risks associated with running your own directly authorised business.
threesixty have helped hundreds of firms gain authorisation from the FCA and can provide you with all the assistance you are likely to require.
Why do firms apply for direct authorisation?
The main reason is to take back control. threesixty has helped hundreds of firms to successfully achieve authorisation and we understand that it isn’t right for every firm. We take great care prior to any application process to ensure that our clients fully understand the regulatory obligations and challenges.
- Business owners generally want answers to the following questions:
- How will direct authorisation change the way my business operates?
- How do directly authorised firms manage their compliance requirements?
- What will direct authorisation cost me in comparison to my current network fees?
- If I wanted to go directly authorised, how much capital would I need?
- How do I obtain Professional Indemnity insurance?
- How do I manage the process of leaving my network?
- What does the application process cost and how long will it take?
We are able to answer all of your questions, and will provide you with a balanced assessment of the pros and cons becoming directly authorised.
What we do
We will begin by explaining what’s involved in becoming directly authorised so you have a good understanding of your future responsibilities, costs and the commitment required. We will talk with you about the structure of your business and what you will need to consider for direct authorisation. Our team will discuss with you what is involved with completing the application process so you can plan the time that will be required and brief the people you will need to help you. We will also discuss how our ongoing compliance support service can help you to manage risk in the future.
How long will it take?
The FCA are likely to take between 4 and 6 months considering your application so it’s important to make sure it is completed correctly. When you are ready to proceed, our people will pre-complete as much of the application as possible and provide you with guidance regarding how to complete your business plan and financial projections. They will also help you to source the required Professional Indemnity Insurance.
When your application is complete, we thoroughly check it before submitting to the FCA on your behalf.
When your application has been accepted
threesixty will help you to arrange agencies with providers so that you can trade as quickly as possible. Our compliance people will provide helpful guidance during this period as your establish the required regulatory systems and controls.