Financial services providers (FSPs) can find themselves lost in a maze of regulatory requirements, extensive documentation, and intricate processes when seeking authorisation from the Financial Sector Conduct Authority (FSCA).
This is why Moonstone Compliance offers comprehensive licensing services that transform a potentially overwhelming journey into a streamlined, manageable experience.
For more than two decades, Moonstone has been supporting FSPs with new licence applications across Categories I, II, IIA, and IV, as well as assisting with licence amendments and profile changes.
Some FSPs believe they can navigate the licensing process independently. However, the reality is far more challenging. The FSCA requires extensive documentation, precise form completion, and rigorous background checks that can quickly become overwhelming for those unfamiliar with the process.
Attempting to go the self-licensing route is a risky proposition for the following reasons:
- Form complexity. The FSCA provides numerous forms, but it may not be necessary for an applicant to complete all of them. Without expert guidance, individuals waste time completing irrelevant documentation and potentially missing critical requirements.
- Supporting document challenges. While the FSCA provides a basic list of required documents, many crucial supporting materials are not explicitly outlined. Moonstone Compliance knows exactly what documentation is needed, reducing the risk of application rejection.
- Background check intricacies. Key individuals face comprehensive background checks, including criminal record verification, qualification authenticity checks, fingerprint submissions, and integrity assessments. Moonstone helps to clients prepare for and navigate these complex checks, ensuring transparency and compliance.
Many FSPs who initially attempted self-licensing ultimately turn to Moonstone, recognising the value of professional expertise.
Comprehensive licensing services
Moonstone Compliance offers a full spectrum of licensing support:
- New FSP licence applications: Whether for Category I (advisory services), II (discretionary management), IIA (hedge funds), or IV (administration), Moonstone manages the end-to-end process.
- Licence amendments and profile changes: Moonstone assists with updates such as changes to key individuals, business addresses, or financial product categories, ensuring ongoing compliance as your business evolves.
These services are backed by a team with expertise honed since 2004, providing confidentiality and a dedicated approach to every client.
Managing the entire process
Every new licence application consists of an internal phase and an external phase. During the internal phase, Moonstone establishes your requirements and gathers the necessary information to complete your application. During the external phase, the FSCA peruses your application.
Moonstone Compliance’s extensive licensing experience means we can anticipate potential roadblocks during both phases and head them off to ensure a smooth application process:
- Application accuracy. Many self-licensed applications are rejected because of incomplete or incorrect information. Moonstone’s experts meticulously review every detail, ensuring application accuracy before submission.
- Regulatory complexity. Financial regulations are complex and constantly evolving. Moonstone stays updated on the latest FSCA requirements, providing clients with current, accurate guidance.
- Product category alignment. Applicants often struggle to determine appropriate product categories. Moonstone assists in determining the right category – whether Category I, II, IIA, or IV – based on the FSP’s business model.
- Minimising delays. During the external phase, it is not uncommon for the FSCA to request further information from the applicant, and Moonstone will respond to the Authority’s queries promptly.
The Moonstone advantage
Moonstone Compliance’s services are designed to make FSP licensing seamless and stress-free:
- Personalised guidance: Tailored support ensures each FSP’s unique needs are met.
- Document preparation: From forms to supporting documents, Moonstone handles it all with precision.
- Business plan review: A robust business plan is key to FSCA approval, and Moonstone refines it to meet regulatory standards.
- Ongoing compliance support: Beyond licensing, Moonstone provides continuous assistance to maintain compliance.
- Templates: Pre-designed templates simplify the process, saving time and effort.
- Direct communication with the FSCA: Moonstone acts as a liaison, ensuring smooth interactions with the regulator.
Your licensing partner
Moonstone Compliance Services isn’t only a licensing service – we’re your strategic partner in navigating the complex financial services regulatory landscape. Don’t risk your financial services ambitions on a DIY approach. Partner with Moonstone and unlock a clear path to regulatory compliance.
Click here to contact Moonstone today and take the first step towards hassle-free licensing.