What To Expect From An FCA Compliance Requirements

September 11th, 2015 | by Kimberly Gonzalez

compliance_2.height-165Are you a startup company who is trying to penetrate the industry that you chose to join? Are you driven by so much passion for the success of your company? We definitely understand where you’re coming from, every company started from there, but before you take a step further, don’t forget about the FCA Compliance requirements that you have to accomplish first.

Before getting carried away with chasing the elusive success, understand, too, that businesses, big or small, are required to settle legal matters before trying to operate, especially new ones like you. Yes it may be a bit daunting, but it’s just how things are, trying to go around it will only get you in trouble in the future, so why not comply now? While you don’t really intent to not comply, the unknown could be a bit scary right? Thanks to Pragmatic Compliance to help ease your nerves here are some things that you should expect from FCA Compliance requirements.

  • You need to settle your minimum regulatory capital requirements
  • There will be compliance manual
  • Once the FCA authorization is in effect already, you need to be well aware about your personal responsibilities
  • You would have to prepare a compliance monitoring program
  • You will design and implement appropriate systems and documentation
  • You are expected to turn periodic reports to the FCA in time
  • Procedures and records of cost-effective compliance monitoring should be maintained

Now that just an overview of the FCA Compliance requirements, of course there will be more, these few points will give you at least a rough idea of what it’s all about. If you just meet the terms accordingly, there shouldn’t be any problems and you could proceed with your business’s other matters. However, if you do find some areas difficult or sensitive which needs professional advice, there are companies out there who are always willing to lend their services.

 

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Kimberly Gonzalez

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