Financial Services Authority Authorisation

The Financial Services Authority (FSA) is an independent body responsible for regulating the financial sector in the UK. It sets rules, investigates incidents of wrongdoing and fraud, and has extensive enforcement powers.

If you are looking to set up a bank or a building society you will need a banking licence and approval from the FSA, and our team of experienced solicitors can help you to secure these. Call us now on 0345 872 6666 to discuss your goals.

The FSA is due to be replaced in with two bodies in April 2013: the Prudential Regulation Authority and the Financial Conduct Authority. We can talk you through this and ensure your institution is set up to absorb any relevant changes.

Do you need to be authorised?

Your company needs to be authorised if you are planning to carry out regulated activities – examples of regulated activities include:

  • Accepting deposits
  • Sending e-money
  • Advising on investments/managing investments
  • Safeguarding investments
  • Establishing some pension schemes

This is not an exhaustive list and you will require authorisation if your institution plans to offer a range of other services – contact us today on 0345 872 6666 for a comprehensive overview of your situation.

To get an idea of whether your financial venture will require authorisation from the FSA you can take a look at this useful decision tree on the FSA website.

How do I get authorised?

The FSA requires extensive documentation from all firms seeking authorisation, and while the requirements for each financial institution are different, generally speaking you should be prepared to give data about:

  • Your business plan
  • Capital/liquidity
  • IT systems and processes
  • Compliance
  • Audits
  • Any outsourcing you plan to include in your business model

Speak to us today

Seeking authorisation from the FSA is a complex procedure, but our experienced, thorough and knowledgeable solicitors can help ensure your application goes as smoothly as possible.

Get in touch with us today on 0345 872 6666 and let us help.

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