SimplyBiz on regulation: “It's not all doom and gloom”

"It is not the strongest of the species that survives, nor the most intelligent.....it is the one that is the most adaptable to change" – Charles Darwin.

Many intermediaries, due to either a change in regulator or moving from a previously unregulated business area into the regulated sphere, will be experiencing the Financial Conduct Authority (FCA) authorisation process and supervision for the first time.  

For those previously unregulated, or regulated by the OFT, you may have noticed that the FCA is a different animal.  It is certainly more engaged with the activities of the firms it regulates than the OFT, has a wider scope of interest and requires more information and evidence of adherence to its rulebook.  Whilst there’s been a lot of activity in the press recently about the FCA’s application process, its intricacies and the length of time taken to become authorised (currently about six months), it’s worth bearing in mind that FCA authorisation is not a one-off job.  Once authorised, you must keep to the regulator’s rules on an ongoing basis – those already in existence in CONC and MCOB plus the revisions and new MCD requirements coming into play soon – and of course the onus is on you to document and evidence adherence to those rules.

Sound like fun?!

Well, it’s not all doom and gloom; membership of the AOBP is a great place to start in order to have a central point to discuss and collect information on your new regulatory world.  The SimplyBiz Group, of which the Consumer Credit Centre is a part, has many years of experience and a specialist team dedicated to helping advisers and intermediaries through the FCA application process and into the regulatory world beyond, and that’s why AOBP have chosen to partner with us to power their online ‘Compliance Hub’.  We’ll also be providing regular pieces here which will take a closer look at issues including the application process, creditworthiness, vulnerable clients, reporting and much more.  

Finally, consider how valuable your time is and whether it is better spent keeping abreast of compliance issues or, alternatively, focused on business and revenue growth - now may be the time to buy in compliance support from as little as £40 per month!

If you have any questions in the meantime, or need compliance support, please don’t hesitate to get in touch with the Consumer Credit Centre team on 01484 443424.01484 44342

David Golder
Client Proposition Director
SimplyBiz Group