Preparation is crucial for any meeting to get the most out of it. Your FCA compliance consultant will thank you for having all the correct paperwork in order for them to provide you with the correct advice as opposed to spending time trying to search for the information to provide the correct advice.
Your Business Model in Brief
A short summary of your Business Model which describes the Business Activities that your Firm will be undertaking, the Regulated Activities that your Firm intends to conduct and the Revenue Model or Business Model that your Firm intends to utilise in order to generate income.
Governance Documents and Policies
Any existing compliance policies, terms of business, or internal procedures (even in draft form) will be useful for your FCA Compliance Consultant to understand what you are currently doing and therefore what needs to be added or indeed changed.
Key Personnel Details
For approved persons in your organisation, include information on all directors, partners, and senior management personnel (as required) with descriptions of their respective roles, and a brief summary of their backgrounds.
Prior FCA Correspondence
This is for new applicants and includes a review of the FCA’s authorisation requirements for firms such as yours, enabling your consultant to confirm the information required to progress your application.
Financial Information
Your last management accounts, a capital resources calculation and your forecast for the next 12 months. If you are a regulated firm then having sufficient financial resources is not a condition that can be ignored.
There is more on FCA Compliance Consultants at https://www.adempi.co.uk/.
It’s going to save so much time as the FCA Compliance Consultant can then provide relevant and actionable advice on the rest of the process.
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