FCA Compliance for Startup
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Post a project like this£10(approx. $13)
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Description
Experience Level: Entry
Good afternoon,
I hope you can help me, or at least put me in the right direction
I registered my company in UK last week, to realise afterwards I do need to have a license.
Basically, this is how my business is currently working.
I take clients money, invest it into a brokers website, I update my clients profits on my platform weekly, and they can request for withdrawals at any time. I think in US is called IB - Introducing Broker?
By the way my clients are from US, Europe, Brazil and Middle East
I had this reply below from a consultant today.
_____
"Ok as an introducing broker you would be limited to arranging (bringing about) deals investments. Taking deposits and withdrawing would actually potentially make you a bank for which you would need a banking license.
Alternatively you would need to get an e-money license or permission to operate payment accounts. Depending on the transaction amounts per month, you might be able to be a small e-money firm.
The IB is the easiest and cheapest process, as you are a startup and on a budget, but you’re limited in what you can do to arranging deals in investments.
The other thing is, you still potentially would need regulating for too in the US. I’m just giving the boundaries of what you need regulating for based on your activity - there are a lot of firms which do it but if you go unauthorized and get caught then the FCA would shut you down and may bring legal action.
It’s a £1,500 application payable to the FCA for the IB. If your firm limited in funds best to go for that option and then introduce holding client funds etc at a later date.
We would need to submit an application form, regulatory business plan, financial projections, cv, individual application, know your customer policies and procedures, client categorisation, aml policy and procedures, business continuity, monitoring etc. so depends how much you would want help with. Obviously you can tell there is quite a lot of work involved if you wanted help with everything. "
_____
Can anyone help and let me know if this is the best approach, and if so how much you would charge me to do all the paperwork, and how long is likely to take please.
I am hoping to go for the most effective approach, with the best price, as I am on a budget.
I look forward to hear back from you.
Thanks
Rafaela
Www.rigomoney.com
I hope you can help me, or at least put me in the right direction
I registered my company in UK last week, to realise afterwards I do need to have a license.
Basically, this is how my business is currently working.
I take clients money, invest it into a brokers website, I update my clients profits on my platform weekly, and they can request for withdrawals at any time. I think in US is called IB - Introducing Broker?
By the way my clients are from US, Europe, Brazil and Middle East
I had this reply below from a consultant today.
_____
"Ok as an introducing broker you would be limited to arranging (bringing about) deals investments. Taking deposits and withdrawing would actually potentially make you a bank for which you would need a banking license.
Alternatively you would need to get an e-money license or permission to operate payment accounts. Depending on the transaction amounts per month, you might be able to be a small e-money firm.
The IB is the easiest and cheapest process, as you are a startup and on a budget, but you’re limited in what you can do to arranging deals in investments.
The other thing is, you still potentially would need regulating for too in the US. I’m just giving the boundaries of what you need regulating for based on your activity - there are a lot of firms which do it but if you go unauthorized and get caught then the FCA would shut you down and may bring legal action.
It’s a £1,500 application payable to the FCA for the IB. If your firm limited in funds best to go for that option and then introduce holding client funds etc at a later date.
We would need to submit an application form, regulatory business plan, financial projections, cv, individual application, know your customer policies and procedures, client categorisation, aml policy and procedures, business continuity, monitoring etc. so depends how much you would want help with. Obviously you can tell there is quite a lot of work involved if you wanted help with everything. "
_____
Can anyone help and let me know if this is the best approach, and if so how much you would charge me to do all the paperwork, and how long is likely to take please.
I am hoping to go for the most effective approach, with the best price, as I am on a budget.
I look forward to hear back from you.
Thanks
Rafaela
Www.rigomoney.com
Rafaela R.
100% (3)Projects Completed
4
Freelancers worked with
3
Projects awarded
18%
Last project
30 Jul 2020
United Kingdom
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