Understand whether you need FCA authorisation and how to apply for regulated permissions.
FCA-regulated firms are almost always limited companies. Sole traders can only be authorised for limited activities.
Register your company with Companies House first. You'll need this before applying for FCA authorisation.
Understand SM&CR requirements for individual accountability in your firm.
Essential AML requirements including appointing an MLRO, CDD processes, and SAR reporting.
How to conduct standard and enhanced due diligence on customers.
When and how to submit SARs to the National Crime Agency.
Financial services firms need Professional Indemnity Insurance, often with minimum levels set by the FCA.
Separate client money from business funds. FCA rules on client money are strict - get this right from day one.
Required before hiring your first employee. Set up payroll and register as an employer with HMRC.
Financial services firms process sensitive financial data and must have robust GDPR compliance.