Make sure you’re well prepared before submitting your FCA application
Over the last few months we’ve been busy advising retailers on their FCA applications, and we’ve come up with a few tips to make the process easier & smoother:
- Don’t assume the application is quick to do and leave it until the last minute. You can make a start now, although you can’t submit until your ‘Landing Slot’ opens.
- Planning is key as it takes time to collect all the necessary information together, for example, you will need to obtain financial information from your Accountant. We’ve found that most businesses already have the required procedures in place and simply have to tweak them to suit the FCA’s requirements. .
- Contact your Business Development Manager and don’t be afraid to ask for help. The earlier you speak to them, the more assistance they can provide. You may just want some advice on how to ‘start’ the process, and we can help with that too.
- Business owners need to ‘own’ the application process and get involved with preparing the necessary documentation – don’t delegate the activity to a junior member of the team.
- Make sure you read the questions carefully – if the application is incomplete or wrong, then it will delay the FCA making its
Should I use a consultant to complete my application?
Some of our retailers have chosen to outsource the completion of their applications to consultancy companies. The charges for this service have varied from £1000 to £5000. Using a consultant can save you time in the short term, but it’s worth bearing in mind the following:
- The jury is still out as to the cost effectiveness and success rate of these services.
- You will still need to collate all the necessary information in order to pass it to the consultant.
- The FCA will not talk to third-party consultants if they need answers to their queries, so you will still need to be fully conversant with the content of your application.
- Going through the FCA application process is a very good opportunity to ‘self-audit’ your business.
Based on our experiences, we believe it’s better for you to invest time into the application and complete it yourself. After all, no one knows your business better than you and once authorised the FCA is looking to build a relationship with your company, not a third party!
For more information contact your Business Development Manager today or call the CCS Head Office on 0845 120 6666.