Q – What should I consider if I want to become a regulated firm?

A – If you are considering becoming a regulated firm for investment activities, the main points you need to consider are:

  1. PRIN – The Principles of Business.
  2. SYSC – Senior Management Arrangement, Systems and Controls.
  3. COND – Threshold Conditions
  4. APER – Statements of Principle and Code of Practice for Approved Persons
  5. FIT – The Fit and Proper Test for Approved Persons
  6. GEN – General Provisions
  7. FEES: Fees Manual
  8. IPRU(INV): The Interim Prudential Sourcebook for Investment Businesses
  9. COBS: Conduct of Business
  10. CASS: Client Assets
  11. SUP: Supervision
  12. DEPP: Decision Procedures and Penalties
  13. DISP: Dispute Resolution: Complaints
  14. PERG: The Perimeter Guidance Manual
  15. FC: Financial Crime: a guide for firms
  16. UNFCOG: The Unfair Contract Terms Regulatory Guide

This information is taken from the FCA website and if you would like further details, please visit this page – FCA Summary for Rules for Loan Based Crowd Funding

Q: What documents do I need to become an Appointed Representative?

A: For the Firm:

  • Certificate of Incorporation
  • Data Protection Number
  • Professional Indemnity insurance
  • Articles of association for a limited company
  • Proof you are on the PSC Register in Companies House

A: Individuals within the firm:

  • Short Business Plan
  • A CV
  • A DBS Check
  • References covering past 5 years of employment X 2
  • Close Links
  • Any special circumstances we should know about your current or past

Click the link if you would like more information about Appointed Representatives.