Overview

CCL has obtained authorisation for more than 1000 financial services businesses. We are pleased to be able to bring this expertise to those firms requiring FSA authorisation or registration under the Payment Services Directive (PSD).

Whilst we can help you with completing the application form, this is the relatively easy part of the authorisation process. It is the supporting information that is specialised and time consuming. You will need the following items in order to complete the application.

Regulatory Business Plan
Section 4 of the application requires a detailed business plan to be provided. This plan covers the business that you wish to conduct, the way in which the business will be controlled, including systems and controls together with the management structure and controls. The complexity of your plan depends upon your scope of business.

CCL will work with you on your Business Plan. It is your plan and your business and you are responsible for it.  However we can advise you on the regulatory implications of each aspect of the proposed plan and what is required. We can help you draft this plan and put it in a form that is required by the regulator.

Documentation
You will require a number of documented procedures in support of the application, we set these out below:

• Compliance Manual and Anti-Money Laundering (AML) controls and procedures 
• Corporate Governance Arrangements
• Risk Management procedures
• 3 years financial projections and capital adequacy calculations
• Internal controls documentation
• Completion of Individual forms for its managers including the finalising of the competence statements for the same
• Provide training in the firm's procedures

Procedures
We know that you will have some form of documented AML procedures in order to meet the expectations of HMRC. In addition to the AML procedures you will need detailed compliance procedures. Your procedures will need to be submitted with the application and they will be reviewed by the FSA. Unless your existing AML procedures are particularly strong we recommend that you use our compliance procedures which meet the FSA's and HMRC's standards.

Our objective is to provide you with a firm foundation and put you into a position whereby you are fully prepared to receive an inspection from the FSA.

Fees
At CCL we understand that getting authorised can be expensive and for that reason we are happy to provide fixed fee proposals with spread payments to help you through this process.

Once you are authorised, we can help you keep up to date with regulation and provide the ongoing training that will be required. These will be included in a fixed monthly fee, allowing you to budget and control your costs.