FAQ - FCA Compliance.
We are here to help every step of the way. Below we have compiled some of the most frequently asked questions about FCA compliance.
We often see that some firms develop products and services which -whilst not planned-, inadvertedly require FCA authorisation. For example, firms starting to offer instalment payment on invoices, offering breakdown cover, providing payment services.
Irrespective of the circumstances, if in doubt, firms should always seek independent advise from an expert consultant or indeed a respective lawfirm.
Could be.
Whilst cryptoassets are not typically regulated by the FCA (but they can be), the services provided on the back of the cryptoassets can attract the need to be FCA authorised. For example, setting up a fund to invest in various cryptoassets may be viewed as a regulated activity (and product), requiring FCA authorisation.
There is a fundamental difference between being regulated by the FCA and being registered with the FCA for moneylaundering purposes (see next question).
Depending on the activities.
The 5MLD has introduced the requirement on certain cryptobusinesses to register with the FCA for money laundering purposes. These firms (as an example) include crypto exhanges, ATM operators and custodian service providers.
Naturally, other aspects should be considered as well (such as by way of business test) which RRCA can assist you with.
No. Firm cannot commence any trading until the FCA have given explicit permission, and the firm appears on the FCA register. Conducting regulated activities without the relevant permissions is a criminal offence.
Also known as Change in control.
Individuals or companies that wish to acquire, increase or decrease control in a firm that is regualted by the FCA must seek prior approval.
Late notification is a criminal offence. If you need any help, just contact our experts.
Under the SMCR, "senior managers" are individuals who perform one of the senior management functions designated by the FCA. These replace the 'significant influence functions' under the old regime. Senior Managers will need to be approved by the FCA to carry out their senior management function.
SMCR is a somewhat complex regime and firm (as well as individuals) must be fully versed in their personal obligations. If in doubt, such as your Statement or Responsibilities, just give us a quick call.
A Data Protection Impact Assessment (DPIA) is a process to help you identify and minimise the data protection risks of a project. You must do a DPIA for processing that is likely to result in a high risk to individuals. This includes some specified types of processing.
If in doubt, just give our expert consultants a call.
The UK GDPR introduces a duty for you to appoint a data protection officer (DPO) if you are a public authority or body, or if you carry out certain types of processing activities.
If in doubt, just give us a call to discuss your requirement.
No. Put simply, you can have any trading style you wish, however you need to declare this with the FCA through your 'Firm Details Attestation', so the trading style (or trading name) appears on the FCA register.
Some names are classed 'sesitive' and therefore you would need to seek the FCA's view prior.
If in doubt, just give us a call to discuss it further.
It is driven by the type of application you submit. Typically, the time-frame is 6-12 months but allowance must be given for complex applications, COVID and incomplete submissions.
Potentially yes. It is largely driven by the services you provide (eg Investment, payment services, etc) as well as your own operation. Consideration can be given to the principle of 'reversed solicitation', however this is not a blanket approach and therefore legal opinion should be sought.
If in doubt, just give us a call to discuss your situation.
Use our free updates internally...
FAQ - About RRCA.
Choosing the right compliance consultant is not only about costs. The right partner can foster and support your growth with their own experience in the field, contacts and most of all, the right level and style of compliance framework.
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At RRCA, we're here to help. Let us guide you through the intricacies of regulatory requirements, ensuring your business thrives while remaining fully compliant. Below, you'll find answers to common questions and insights into how we can support your compliance journey.​
Yes, our consultants are happy for you to meet us at our office on Leadenhall Street, London or if preferred, we can come and meet you at your offices.
You can also meet us in Amsterdam - Herengracht 449A, 1017BR, Amsterdam, or Brussels - Avenue Louise, 485B – 1000 Brussels, Belgium.
RR Compliance Associates is member of the Association of Professional Compliance Consultants. The Association of Professional Compliance Consultants, or APCC, is the body for compliance consultants who advise firms regulated in the UK.
The APCC is active in enhancing the professional standards of compliance consultants and is recognised as a trade body by the FCA and other regulators. You can find out more here.
The Consumer Duty Alliance is an independent, not-for-profit community interest company aiming to help the personal finance sector successfully implement the FCA’s Consumer Duty.
Incorporating the Financial Vulnerability Taskforce, the Alliance works with practitioners and subject matter experts to help personal finance staff and regulated firms understand, meet and deliver the FCA’s Consumer Duty requirements.
Our consultants actively engage with the Alliance and promote industry practices recognised by participants and the FCA.
Yes, our consultants are happy to provide on-site services as well as remote. We are equiped to support you remotely with all aspect of your FCA and ICO compliance.
No. We provide services across the EEA with consultants based in Belgium, Germany, France and Baltics.
We support firms of all sizes and locations, from local start-ups to international disruptors.
Whilst we constantly grow, currently we only support firms in the following areas:
1) Payment Services
2) Investments
3) Insurance
4) Crypto Assets
5) London Market
6) General Insurance Businesses; Intermediary or Insurer.
No. Only firms who conduct regulated activities can get FCA authorisations. To eliminate all form of conflicts, RRCA made a decisive action not to conduct regulated activities in the sector we operates in.
Yes. We are proud to offer flexible support to our clients. Whenever you are in doubt, please contact our friendly consultant team and have a free, confidential discussion.
We would always recommend getting in touch with us for a free consultation rather than risking a compliance breach, sanction or indeed, a criminal offence. We’re here to help.
There are also a number of free resources and articles on our website that might be useful - https://www.rrcompliance.com/blog
Yes. Whether it is a simple survey or a more serious supervisory matter, please get in touch with our team. Irrespective of your situation. Using their broad experience our team of consultants will be able to guide you through the process.
At RRCA, we take pride in our flexibility, both in our services and fee structure. When welcoming new clients, we focus on building lasting relationships by tailoring our approach to your specific needs.
To accommodate this, RRCA offers various payment options, including hourly rates, fixed fees, retainers, and hybrid arrangements.