top of page
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.
_
Sometimes, firms unintentionally develop products or services that require FCA authorisation, like offering instalment payments, breakdown cover, or payment services. If you're unsure, it's best to seek advice from an expert consultant or a law firm.
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.
Under UK GDPR, you must appoint a Data Protection Officer (DPO) if you're a public authority or carry out certain processing activities. If you're unsure, give us a call to discuss your needs.
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.
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.
Frequently asked questions
_
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.(https://apcc.org.uk/what-is-the-apcc/#:~:text=The%20Association%20of%20Professional%20Compliance,the%20FCA%20and%20other%20regulators.)
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,(https://consumerduty.org/about/about-the-fvt) 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 don't just work in the UK. We offer services across the EEA, with consultants based in Belgium, Germany, France, and the 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.
Absolutely! We offer free consultations to help you navigate compliance challenges. Reach out to our friendly consultants for a confidential discussion. It's always better to consult us than risk a compliance breach or sanction. We're here to assist you. Plus, check out our free resources and articles on our blog: https://www.rrcompliance.com/blog
Yes, we can help. Whether it's a simple survey or a serious supervisory matter, contact our team. Our experienced consultants will guide you through the process, no matter your situation.
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.
bottom of page