A claims management firm's FCA application, built and submitted on deadline
When regulation of claims management moved to the FCA, a firm that had never dealt with the regulator faced a tight application deadline. MEMA found the gaps, wrote what was missing and answered the FCA's follow-up questions.
- 14FCA follow-up questions answered
- On timeFull application submitted
The challenge
The firm had been licensed by the Ministry of Justice and had never dealt with the FCA. Its application had to be complete by a fixed deadline, and a gap analysis showed it had no compliance manual or compliance monitoring plan.
Regulatory context
In April 2019 regulation of claims management companies moved from the Ministry of Justice to the FCA. Firms needed full FCA authorisation, meeting the CMCOB rules, including financial resources, complaints handling and fair treatment of customers.
What we did
- Reviewed the business plan and terms, and ran a gap analysis against the FCA's requirements
- Wrote the compliance manual, compliance monitoring plan and client money procedures
- Updated the complaints process and vulnerable customer policy
- Set out the firm's anti-money laundering and fair treatment arrangements in the application
- Prepared answers to the FCA's 14 follow-up questions on capital, conflicts, staffing, fees and quality assurance
The outcome
A complete application submitted on time, and the firm authorised by the FCA.
Application submitted in full within the deadline, then every FCA follow-up question answered.
Client details are presented to protect confidentiality. Outcomes reflect specific engagements and are not a guarantee of results, as every firm's circumstances differ.
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