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Sectors
Complianceadvice.co.uk supports a wide range of financial services firms from sole traders through to global businesses. We work with many different types of financial service firm such as consumer credit businesses; e-money issuers, payment service providers, IFAs, mortgage businesses, fintechs and many many more.
We are always keen to help so get in touch.
Compliance Advice for Consumer Credit Firms
The Financial Conduct Authority (FCA) is the UK’s financial regulator. It took over the regulation of the consumer credit market from the Office of Fair Trading (PFT) on 1 April 2014.
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If your business is carrying out any of these credit activities for consumers it will need to be regulated. Business to business lending is normally unregulated, however, if credit is offered to:
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Sole traders; or,
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A partnership with fewer than 4 partners; or,
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An unincorporated business
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Then it’s likely you’ll need to be regulated.
Limited permission firms have a less intrusive application process than full permission firms and a lighter touch approach to regulation. However, they are still subject to the FCA’s regulatory regime and the rules contained within its Handbook.
Compliance Advice for e-Money Services & Providers
The Financial Conduct Authority (FCA) regulates the activities of electronic money institutions (EMIs) in accordance with the Electronic money Regulations 2011 (EMRs).
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An exemption applies for credit institutions, banks and building societies, credit unions and municipal banks which are instead required to apply for a Part 4A permission under the Financial Services and Markets Act 2000.
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E-money providers also need to comply with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.
Many e-money institutions start off with an e-money licence rather than applying for full banking permissions as it can be a complex, time consuming and costly process to launch a bank.
EXPERTISE
Successfully guiding you through the regulatory process with a dedicated team of experienced compliance consultants.
STRATEGERY
Navigating a clear and strategic path through the complex regulatory requirements with insight and firm analysis.
MONITORING
All FCA compliant companies
are obliged to monitor the
latest standards and stay
up to date.