Our client, a regulated firm operating within the financial industry, approached us with a pressing concern regarding their authorisation status with the FCA. Through our initial consultation, it became evident that the firm had inadvertently obtained separate authorizations under two distinct entities, each with its own permissions for regulated activities. This situation not only raised compliance issues but also created potential risks in terms of regulatory violations, confusion among stakeholders, and operational inefficiencies.
What we did
Our compliance team closely collaborated with the firm’s internal stakeholders and the FCA to apply for a variation of permissions. Through in-depth analysis and consultations, we prepared a robust application, addressing the discrepancies and justifying the changes. We actively engaged with the FCA, providing clarifications and supporting documentation. Simultaneously, we revised internal policies and procedures to align with the proposed changes. This proactive approach aimed to rectify the incorrect authorization, mitigate compliance risks, and position the firm for sustainable growth within the regulated industry.
As a result of our efforts, the firm successfully obtained a variation of permissions, aligning their authorization and resolving regulatory challenges. We brought the benefits of compliance alignment, improved operational efficiency, and enhanced stakeholder confidence.