According to most of the experts, it is pretty much useless to open a start up in the United Kingdom if you’re not planing to hire a FCA compliance firm for it. It is said that without such a firm standing behind any start up that deals with financial transactions in any way, a start up just cannot survive the market and come out on top. Most of these start ups just break up; and in order not to let that happen to your start up, you must hire a FCA compliance firm.
Now, this is clear, without a good FCA compliance firm (more info: http://pragmaticcompliance.co.uk/), a start up firm is going to go bust, no matter how good it is with its dealings. However, there is also another reason why people ought to hire a FCA compliance firm, and that has to do with the fact that every firm in the United Kingdom that wishes to do any kind of work that involves financial transactions, needs to be authorised, and the only types of companies that can do that are the FCA compliance firms. So, basically, you just can’t do any business in the UK without such a company behind you.
The process of authorisation is rather simple, and you just have to apply for it. There is no need to attach any legal documentation for that process, but you do need to have it by your side at all times in case an inspection occurs. However, what you do need to attach is the step by step program of how you and your firm plan to protect your financial dealings. Then, the application takes about one month to be approved, but keep in mind that there also might be a delay of up to six months in case something goes wrong, or in case the FCA compliance firm decides that some of your protection programs do have some faults. If such a thing was to occur, the people of the compliance firm would work by your side in order to help you ought and make it possible for your firm to get the best possible financial protection plan. Only when everything is in perfect order will you be able to get your authorisation, and can start working financial transaction-related business in the United Kingdom.
But, there is so much more to a FCA compliance firm than just issuing authorisations to firms that wish to deal with financial transactions. Of course, this authorisation is the most important thing it could issue, because it is a guarantee that your firm is completely safe and that people should use it. But, a compliance firm also offers other forms of help, such as various check ups. This is really important in order to make sure that your firm is always on its A game, and that it never lets itself go. Also, these types of companies offer consultations and assistance to their client firms, meaning that if you ever encounter a hiccup, you know whom to turn to.