We need to undertake due diligence on you, your business and the systems that you have in place. The FCA do not set out exactly what they require to be done, instead they advocate a risk-based approach. If you become our AR, as your principal we are ultimately accountable to the FCA for ensuring that you will be able to comply with the regulatory requirements.
Before we submit your application we need to ensure that your business is financially stable, that you & your staff are competent and that you have systems in place to ensure that your customers are treated fairly.
We’ll need your latest accounts and business plan with financial projections for the next 3 years. For you and key members of staff: résumés, certified anti-money laundering ID and criminal record checks. And we’ll want to review the documented processes that you have in place for accepting investors & investees.
Becoming an AR means that you can run regulated activities and we’re here to make sure that you can do that compliantly. But our responsibility to the FCA goes beyond the initial application process. Ongoing we need to ensure that you comply with FCA regulations and continue to treat customers fairly.
There’s a reason for that. First, without customers your business will fail and treating them fairly will likely mean that they come back & recommend you to others. Secondly, every aspect of FCA regulation comes back to safeguarding consumers.
We establish a regular monitoring programme to ensure that you continue to operate within the regulatory framework and that you maintain records to demonstrate that is the case.