IFA

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To get you authorised with the FCA, and we can do that for £480 per month including VAT payable from authorisation, or for a fixed fee upfront if you prefer.

The FCA charge £2.5k on submission, and about £3.5k per annum, and you need PII cover, which might cost £2k or so in year one.

 

You need capital adequacy – ie share capital – of £20k – but that absolutely does NOT need to be cash in the bank, and for a newstart is typically funds pledged.

 

The work involved is fairly straighforward for us, and we produce, for you the following:

1. Document library via https://ifac.batsoftware.co.uk
2. Give you report templates 39 currently listed and updated regularly on the document library – on BAT
3. AUTO-SUITABILITY report writer – on BAT
4. Complete the back office tasks for all compliance related activities, from new biz book to turnover and T&C records. – on BAT
5. PII is introduced for you
6. All the risk plans / compliance monitoring / compliance manual / procedure manual / t&c manual / TCF guide and manual are produced for you as part of this application, tailored to you within the same price. 
7. We do ongoing checking of your files including pre-scrutiny on a 20% basis or as required after the licence is granted and an annual audit as well.

We effectively become your compliance manager –and this will keep your firm on the straight and narrow – and take responsibility!

We charge you NOTHING until you get authorised, and then the contract is for 12 months, and after that just 3 months notice. 

The fee includes our back office software system www.batsoftware.co.uk   which is a tool currently used by over 1,000 IFAs and mortgage brokers.

 

Here is a complete list of the services we do for IFAs https://ifac.eu/pages/plans.php

 

POST AUTHORISATION

After authorisation we will continue to act for you as your compliance manager.

We audit the process, see you regularly and keep you acting in accordance with FCA rules etc.

Our key is to satisfy and give comfort to the FCA that your activities are beyond reproach (which of course means that they must be so)

After authorisation we will submit FCA returns, regularly audit your process and give you a compliance management system BAT that will operate as your platform – CRM.   The system will not trade for you but will keep a record of activities in line with FCA requirements.  IT will also check customer vulnerability online, and allow automatic pep sanction ID verification.

At some stage in your business life you may be able to afford a full time compliance director, and we can help recruit that role at that time, and we usually go on to support that individual with T&C and knowledge etc.


FCA APPLICATION

We can normally get the application submitted within a week of receiving all the relevant paperwork required from you – CV / disclosures, plans etc.

We have a large number of template documents that will need adjusting for you.

The FCA can take up to six months, but we would expect three months to be more likely as of current climate. 

The largest part of the delays is waiting for a FCA case officer to be appointed.

Once you have one, the process is quite quick - they usually have a few questions and once answered, you are in.


NEXT STEPS

If keen please sign the below link. We will be in touch with formal paperwork and start to build the application the following day - the first step would be a formal visit  to go through the soft facts to enable us to build the application.


Apply now