Use of Trading Names by an FCA Authorised Firms
Sturgeon Ventures LLP made an enquiry to the FCA regarding a number of other firms offering FCA Authorisation Services or Regulatory Hosting who were themselves regulated.
Under ‘names’ on the FCA Register, they were using trading names that were also incorporated companies, which one could check on companies house, which was then confusing for potential firms looking to use their umbrella.
If looking to work with a regulated firm due diligence is important, so always check the FCA register under ‘names’ for a trading name, but note if your contract is with a limited company it may not be the regulated firm. So Sturgeon contacted the FCA to clarify that both could not share an FRN number; a trading name could share the FRN number but another full limited company could not share the FRN number of the regulated firm.
The FCA consulted with the relevant policy and supervision teams, subject to an enquiry by Sturgeon Ventures LLP team and can confirm that, in essence, this understanding is correct.
One incorporated company cannot be a ‘trading name’ of another incorporated company. A trading name is what the name suggests: only a name used for trading. So, for example, Cahoot is a trading name of Santander. There is information on the FCA website about the use of trading names.
If two firms want to have this sort of relationship, one has to become an appointed representative of the other
For more information contact the Financial Conduct Authority.
Sturgeon Ventures Background Information
Sturgeon Ventures are the most established Regulatory Incubator,a trusted partner and venture catalyst. Providing nurturing and bespoke solutions, also known as a Regulatory Umbrella or Regulatory Hosting .
Sturgeon Ventures has incubated people and firms since 1999 and has been a family office wealth advisor since 1998. Sturgeon Ventures are Authorised and Regulated by the FCA and provide regulatory umbrella services.
We have been nominated and won many awards including most recently Finance Awards Most Trusted FCA Regulatory Incubator 2104, ACQ MAGAZINE Business Incubator of the year 2104 and Venture Capitalist of the Year at the 2014 M&A Awards.