GRC will work in tandem with your firm to manage your regulatory application to the Financial Conduct Authority (“FCA”). Whether the application is for a new authorisation or a revision of an existing i.e., a Variation of Permission (“VoP”), GRC can help in part or full. GRC will manage a project plan to define deliverables and responsibilities within the firm with the milestones and timelines illustrated.
GRC will manage three stages – preparation, filing and forward management of the authorisation or VoP once obtained.
GRC can also perform authorisation/permission analysis of the existing firm’s make-up looking for appropriate usage to ensure that the FCA does not remove certain permissions due to lack of use.
Application from beginning to end typically takes 6 months. The materials presented by the firm are reviewed by the FCA – for soundness and completeness ensuring that the application is “fit for purpose” whilst, at the same time, confirming that the firm does not pose a risk to the UK Financial Services market.