Regulatory Applications | Business Services
A prominent global business services firm sought Edmund's expertise to navigate the FCA application process, ensuring compliance with regulatory standards and facilitating their UK market entry.
Who is the client?
The problem
The main challenge involved managing the complex FCA application process to secure regulatory approval for the client's UK operations. This required compiling and submitting detailed applications, crafting a regulatory business plan and ensuring comprehensive documentation. Additionally Edmund’s assistance was required to review and update existing regulatory policies, financial records and governance structures to meet the FCA’s requirements.
The backstory
The initiative was driven by the client’s strategic expansion into the UK market. Internal reviews highlighted the necessity of obtaining FCA authorisation to comply with regulations. Edmund was engaged to provide comprehensive support throughout the FCA application process, ensuring all regulatory obligations were met efficiently.
The Edmund Group Solution
Following an in-depth assessment, Edmund developed a thorough plan to meet the FCA application requirements, including:
Assisted with the FCA Connect system, guiding the client through data entry, questionnaire responses and document uploads, ensuring a smooth submission process;
Crafted a detailed regulatory business plan (RBP) outlining the firm’s current and proposed activities, tailored to the business's nature, scale and complexity. Additionally Edmund compiled summaries of current UK activities and proposed new contracts to establish the client’s operational footprint and planned regulated activities in the UK;
Developed comprehensive charts detailing corporate controllers, organisational structure and senior management roles, including SMF3, SMF16 and SMF17. Also ensured UK-based management for FCA compliance;
Prepared extensive financial information, including balance sheets, profit and loss statements and financial forecasts, demonstrating financial sustainability and growth plans;
Designed a compliance monitoring plan (CMP) detailing actions to maintain regulatory compliance and ensure positive customer outcomes;
Created a manual outlining governance arrangements and Senior Managers and Certification Regime (SM&CR) compliance, specifying senior managers' responsibilities;
Reviewed and updated regulatory policies to align with current standards, ensuring readiness for potential FCA requests; and
Developed a living document defining the compliance department’s purpose, scope, responsibilities and accountabilities, tailored to the FCA application.
The outcome
Achieved a smooth and efficient FCA application process, minimising delays and enhancing approval likelihood;
Enhanced governance structures, ensuring better oversight and regulatory compliance;
Compiled comprehensive financial documentation, demonstrating the client’s capability to maintain adequate financial resources;
Updated policies and manuals to adhere to regulatory requirements and mitigate other non-compliance risks; and
Created clear documentation of roles, responsibilities and organisational structure in order to support effective management and decision-making.
