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 authorisation services consist of:
  • Advising on the FCA Regulated activities for which you will need permission
  • Advising on the different FCA Regulatory (including Prudential) obligations specific to your Regulatory Activities
  • Advising on the FCA competency requirements for senior management and other staff
  • Assisting in the preparation of your Regulatory Business Plan
  • Assisting in the completion of the necessary forms, including ownership disclosure forms and FCA Approved Persons Forms/SMCR
  • Advice on corporate governance, systems and controls
  • Providing you with effective regulatory compliance documentation to include a Compliance Manual, Training Overview, Compliance Monitoring Programme
  • Preparing your senior management for meetings with the FCA

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.

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