If you want to sell regulated financial services products, it is essential that you are either a Principal firm authorised directly by the Financial Conduct Authority or an Appointed Representative. CBS AR is a Principal company directly authorised by the FCA that specialises in making firms its Appointed Representatives (AR). We can thus help you become approved to sell regulated financial services products.
The process to become and to stay an AR can be lengthy and the ongoing workloads quite burdensome. We specialise in handling the initial process. We guide you through the regulatory requirements and help you to address them in a practical way. Once established on the register through CBS AR we continue to provide compliance support while your business grows and we help you learn from your experience, so you can get the most out of a regulatory environment.
Obviously not being compliant with the regulations can be business threatening, but more importantly, the consequences of a failure in this area include unlimited fines and up to five years in prison. See the Financial Services and Markets Act Section 19.
Initially we assess your suitability and subject to proper agreement on terms we undertake a detailed due diligence, including full background checks, provide you with the regulatory framework and, if all goes well, we will aim to put your firm on the FCA Register within four to six weeks.
You need to choose the route that best suits your business and you may indeed apply to the FCA to become directly authorized. However, normally this is best suited to larger firms with significant financial resources because it is often expensive and usually time consuming. Typically, a direct application will take between four and six months.