CMC's & The FCA Jeremy Smith Director B-Compliant Ltd Do I I - - PowerPoint PPT Presentation

CMC's & The FCA

Jeremy Smith Director B-Compliant Ltd

Do I I need to be auth thoris ised?

• CMR Regulated
• Seeking out persons who may have a claim
• Referring details of a claim or potential claim or potential claimant to another person

(including a person having the right to conduct litigation), or

• Identifying a potential claim or potential claimant.
• Or you intend to offer such services in the future

Key Dates

1st April 2019

New Regime commences

1st January 2019 – 31st March 2019

Existing firms can apply for temporary permissions

Don’t be late

Period for full application is 1st June 2019 to 31st July 2019 FCA have 6 months to consider applications if complete, If they are not complete then it is 12 months.

Do not leave it too late to start preparing

Costs

• Application Fee
• Firms with a turnover up to £1 million - £1200
• Firms with a turnover above £1 million - £10,000
• If already authorised by the FCA the fee will be reduced by 50%
• Ongoing Fees
• Up to £100,000 turnover is £1000 per annum
• Above £100,000 is £1000 per annum and a variable rate on each £1000 above.
• Payable 2019/20 as you register for temporary permissions

Appli licatio ion Process

• Threshold Conditions
• Systems and Controls
• General Provisions
• Conduct Standards

Application is an online application and you will need a detailed business plan.

• Supervision and Reporting
• Prudential Standards
• Client Money

What’s the worst that can happen?

Authorised Firms

• Withdraw authorisations
• Fine
• Court injunctions
• Ban directors

Unauthorised Firms

• Fine
• Court Injunctions
• Ban directors
• Criminal Prosecutions

Questions?

Jeremy Smith 0161 979 0726 Jeremy@b-compliant.co.uk