Acumen Global Compliance Prospectus_2015 (1)

Acumen Office: O’Leary Square, 216 Jubilee Street, London E1 3BS
Contact Info: T: 0207 790 125
Authorization
Starting a new business could be highly strenuous task. The matter becomes more difficult when
your new business needs Authorization
FCA Authorization application can be very complex depending on the categories of industry under
which your business fall and litany of criteria you need to satisfy. It is the time when you may
consider taking an expert advice for obtaining
extensive experience dealing with FCA
if you choose us.
‘’The Financial Services & Markets Act 2000 (FSMA)
services and markets in the UK. Under
activity in the UK must be authorised by the FCA or exempt (an appointed representative or some
other exemption). Breach of section 19 may b
maximum term of two years imprisonment and/or a fine.’’
To determine whether you need
http://fshandbook.info/FS/html/handbook/PERG/2/Annex1
Regulated activities that we are working on include
• Consumer credit.
• Financial adviser.
• Investment managers and stockbrokers
• Insurers.
• Wholesale investment firms
• Sole advisers.
• Insurance intermediaries
• E-Money institutions.
• Mortgage brokers and H
• Payment services institutions
o Small Payment Institutions
o Authorised Payment Institutions
• Asset management.
• Authorised and recognised funds
Office: O’Leary Square, 216 Jubilee Street, London E1 3BS
0 1259, E: info@acumen-group.co.uk, W: www.acumen
COMPLIANCE
Authorization and Registration
FCA Authorization
Authorization from FCA sometimes even before open for customers. The
application can be very complex depending on the categories of industry under
consider taking an expert advice for obtaining Authorization from FCA. At Acumen Group we have
extensive experience dealing with FCA Authorization application and we can give you peace of mind
Do you need Authorization?
‘’The Financial Services & Markets Act 2000 (FSMA) is concerned with the regulation of financial
services and markets in the UK. Under Section 19 of FSMA, anyone who carries on a regulated
other exemption). Breach of section 19 may be a criminal offence and punishable on indictment by a
maximum term of two years imprisonment and/or a fine.’’
To determine whether you need Authorization or Not, Please click on the following
http://fshandbook.info/FS/html/handbook/PERG/2/Annex1
Regulated activities that we are working on include:
Investment managers and stockbrokers.
Wholesale investment firms.
Insurance intermediaries.
Mortgage brokers and Home finance lenders.
Payment services institutions:
Small Payment Institutions
Authorised Payment Institutions
Authorised and recognised funds.
men-group.co.uk
from FCA sometimes even before open for customers. The
application can be very complex depending on the categories of industry under
FCA. At Acumen Group we have
application and we can give you peace of mind
regulation of financial
who carries on a regulated
e a criminal offence and punishable on indictment by a
or Not, Please click on the following link:

• Innovator businesses: Project Innovate
If you want any support in terms of your application
committed to solve all your needs.
Authorization of your firm so you can run your business smoothly with confidence.
We are delivering HMRC MLR Registration services to the following industr
assessment and guidance:
• Money Remitters.
• Bureau De Change/Money Exchangers
• High Value Dealers.
• Trust or Company Service
• Accountancy Services Providers
• Estate Agency Businesses
New registration fees are applicable from 1
https://www.gov.uk/money-laundering
Stages of Applications Process
Regulatory &
To cope up with increasing regulatory pressure from FCA and
the regulatory compliance weakness
At Acumen, we provide a Customised
FCA and HMRC regulated firms requi
•Initial Assesment
•Document Collection
•Price negotiation and
service contract
1st Phase
•Applications
Submission
•Acknowledgement
Receive
Innovator businesses: Project Innovate.
t in terms of your application and post application compliance, we are
needs. Acumen is ready to support you in every aspects of pre and post
your firm so you can run your business smoothly with confidence.
HMRC MLR Registration
RC MLR Registration services to the following industr
Bureau De Change/Money Exchangers.
Service Providers.
Providers.
Businesses.
New registration fees are applicable from 1st
April 2015. For more information, please visit:
laundering-regulations-registration-fees
Stages of Applications Process
Regulatory & Compliance Advisory
increasing regulatory pressure from FCA and PRA, all regulated firms must identify
the regulatory compliance weaknesses and address them effectively and efficiently.
Customised compliance service. Our research and experience indicates all
MRC regulated firms require bespoke compliance services. Our specialised team will
Applications
Submission
Acknowledgement
Receive
2nd Phase •Reply to the queries
several times
•Any changes in the
management need to
enrolled.
3rd Phase
men-group.co.uk
application compliance, we are
ts of pre and post
RC MLR Registration services to the following industries with careful
April 2015. For more information, please visit:
PRA, all regulated firms must identify
efficiently.
Our research and experience indicates all
. Our specialised team will
•License Approval receive
4th Phase

recognise where you are falling behind and need
We have the compliance proficiency
latest regulatory regime. Our bespoke
• Compliance outsourcing
• Planning and performance
• Regulatory training courses
• Autonomous review of compliance matters
management.
• Compliance Gap analysis, assessment
• Prepare and implementation of compliance m
• Appointment with senior
very early stages.
• Assurance to the management
effectively.
• Preparation and Submission of all FCA Returns with appropriate consultation.
The details of the services we provide for
• Initial Assessment in terms of Compliance and Test of Application of the relevant laws.
• On-going Compliance Audit of the organization. [i.e. Monthly Basis]
• Identification of compliance weakness
• Continuous monitoring of Transaction and Compli
basis and reporting Director
• Advising on new rules and regulations and updating the AML Policy and other policy those
are relevant to your MSB.
• Risk Assessment on a periodic
• Gabriel Return and other Re
• HMRC Annual Audit Preparation and Representation.
• Transaction monitoring reports presentation and
control with new ideas which is consistent with regulations.
• Bank/Suppliers Audit Representation
• FCA Audit Representation
• Training your staffs and Agents as well under
will be awarded.]
• Updating the Training Manual and providing training contents.
• Fee Tariffs Data Form fill
• Preparing and Auditing the client money Safeguarding and segregations.
• Bank reconciliation and Segregations of Funds of the client money.
• Review & Preparation of proposed
• Design Thresholds and preparation
• Design all due diligence forms and template
recognise where you are falling behind and need help and deliver a package that is just right for you
proficiency, skills and resources to help you in productively
Our bespoke compliance services include:
Compliance outsourcing arrangements to our expert professional s.
performance of risk-based compliance monitoring frameworks.
Regulatory training courses in accordance with FCA Training competency requirements
review of compliance matters and Reporting to financial instructions
ap analysis, assessment and effectiveness reviews.
and implementation of compliance manuals, policies and procedures.
with senior executive in decision-making process in terms of
Assurance to the management that the regulatory risks are being supervised
d Submission of all FCA Returns with appropriate consultation.
provide for MLR Registered institutions under HMRC and FCA.
Initial Assessment in terms of Compliance and Test of Application of the relevant laws.
Compliance Audit of the organization. [i.e. Monthly Basis]
compliance weaknesses and providing solutions.
Continuous monitoring of Transaction and Compliance by Visiting Premises on a regular
basis and reporting Director/owner with valuable feedback.
Advising on new rules and regulations and updating the AML Policy and other policy those
are relevant to your MSB.
Risk Assessment on a periodic basis.
Gabriel Return and other Returns that need to be updated to FCA –if required
Audit Preparation and Representation.
Transaction monitoring reports presentation and advice to update the software for robust
control with new ideas which is consistent with regulations.
Bank/Suppliers Audit Representation.
FCA Audit Representation-if required.
Training your staffs and Agents as well under pre-arrangement on periodic
Updating the Training Manual and providing training contents.
Fee Tariffs Data Form fill-up and submissions by calculating yearly volume
Preparing and Auditing the client money Safeguarding and segregations.
Bank reconciliation and Segregations of Funds of the client money.
of proposed & finale suspicious activities.
Design Thresholds and preparation of Corporate due Diligence.
Design all due diligence forms and template.
men-group.co.uk
help and deliver a package that is just right for you.
productively navigate the
ompliance monitoring frameworks.
FCA Training competency requirements.
instructions
anuals, policies and procedures.
process in terms of compliance at
supervised and eliminated
d Submission of all FCA Returns with appropriate consultation.
MLR Registered institutions under HMRC and FCA.
Initial Assessment in terms of Compliance and Test of Application of the relevant laws.
ance by Visiting Premises on a regular
Advising on new rules and regulations and updating the AML Policy and other policy those
if required.
to update the software for robust
periodic basis. [Certificate
up and submissions by calculating yearly volume and transactions.
Preparing and Auditing the client money Safeguarding and segregations.

Regulatory
ACUMEN offers diverse dimension of complian
regulatory compliance in financial institutions from
recommendation and management report presentation. The Audit findings and management report
will provide our clients an appropriate guidance to rectify their compliance weakness
the regulatory compliance audit on time. We also support the financial institutions to be compliant
performing the day to day compliance checking
weaknesses in compliance practise of financial institutions.
We highly recommend our clients
compliance management by considering the size and scope of the regulatory compliance burden.
We will guide you in exactly what
Regulatory
• Initial assessment of the firm/institutions through meetings.
• Identify and justify firm’s
• Identify and justify the management team
• Evaluate the AML Policies and procedures along with data protection & complain
management.
• Examine the Customer Due Diligence,
Risk evaluation.
• Verify and justify the personnel Training records and their effectiveness by taking staff
knowledge test.
• Verify and examine the due diligence records and their appropriateness using different
sampling method. I.e. Random Sampling.
• Examine the firms risk evaluat
• Investigate the in-house
• Prove the inter-communications of the set policies, procedures and their
• Identify the errors and miscon
different aspects of the business.
• Checking the Compliance practise for Principal, Supplier and Bank within the firms and
identify the weakness.
• Checking the compliance management in relation to FCA approach book, PSRS
Guidance and Joint Money Laundering Steering Group
• Identify new compliance challenge for the firms and upcoming issues tha
• Checking and verifying the client money Safeguarding and segregations.
Regulatory Compliance Audit
diverse dimension of compliance Audit services which digs
regulatory compliance in financial institutions from initial assessment of business to
will provide our clients an appropriate guidance to rectify their compliance weakness
t on time. We also support the financial institutions to be compliant
performing the day to day compliance checking on a periodic basis. Our reports
in compliance practise of financial institutions.
We highly recommend our clients to meet with us in an initial meeting to roadmap the future
what you need for your compliance management in your business.
Regulatory Compliance Audit Scopes
Initial assessment of the firm/institutions through meetings.
firm’s legal position through MLR, FCA and other relevant
the management team appropriateness in terms of fit and proprietary
Evaluate the AML Policies and procedures along with data protection & complain
Examine the Customer Due Diligence, Enhanced Due Diligence, Corporate Due Diligence &
and justify the personnel Training records and their effectiveness by taking staff
Verify and examine the due diligence records and their appropriateness using different
. Random Sampling.
Examine the firms risk evaluation and their action plan to reduce the risk.
house control, the monitoring and management of compliance
communications of the set policies, procedures and their
Identify the errors and misconception about compliance management by discussing
different aspects of the business.
Checking the Compliance practise for Principal, Supplier and Bank within the firms and
Checking the compliance management in relation to FCA approach book, PSRS
Joint Money Laundering Steering Group guidance.
Identify new compliance challenge for the firms and upcoming issues tha
Checking and verifying the client money Safeguarding and segregations.
men-group.co.uk
ce Audit services which digs in all aspects of
initial assessment of business to
will provide our clients an appropriate guidance to rectify their compliance weaknesses and fit for
t on time. We also support the financial institutions to be compliant
reports focus the key
to meet with us in an initial meeting to roadmap the future
for your compliance management in your business.
relevant registration.
of fit and proprietary.
Evaluate the AML Policies and procedures along with data protection & complain
Corporate Due Diligence &
and justify the personnel Training records and their effectiveness by taking staff
Verify and examine the due diligence records and their appropriateness using different
ion and their action plan to reduce the risk.
control, the monitoring and management of compliance of the firm.
communications of the set policies, procedures and their effectiveness.
ception about compliance management by discussing
Checking the Compliance practise for Principal, Supplier and Bank within the firms and
Checking the compliance management in relation to FCA approach book, PSRS-2009, HMRC
Identify new compliance challenge for the firms and upcoming issues that firms unaware.
Checking and verifying the client money Safeguarding and segregations.

Our compliance Audits are designed as per the requirements of the clients. The service charges are
different as size and scope of the audit are different.
involve in each type of audit.
combinations depends on the business types and requirements. We are regis
conform to Data Protection Act 1998
Compliance
Audit
One Off
Audit
Or
You can choose the Compliance Support
Features of Audit
are designed as per the requirements of the clients. The service charges are
different as size and scope of the audit are different. The above list of services may or may not
Our Audit can be done on site and off site basis o
combinations depends on the business types and requirements. We are registered with ICO and we
ct 1998 to protect client’s confidential information.
Compliance
Audit
External
Audit
Yearly
Half Yearly
Internal
Audit
Yearly
Half Yearly
Quarterly
Monthly
On-Going
Audit
Or
Occassional
Audit
Compliance Support services in One-Off, On-Going or Occasional
men-group.co.uk
are designed as per the requirements of the clients. The service charges are
The above list of services may or may not
Our Audit can be done on site and off site basis or with both
tered with ICO and we
to protect client’s confidential information.
Yearly
Half Yearly
Yearly
Half Yearly
Quarterly
Monthly
Occassional
Audit
Occasional Basis.

We perform the Audit in the following stages as per the client’s request.
According to FCA Handbook, http://fshandbook.info/FS/html/handbook/SYSC
competence requirement (the ‘competent employees rule’) which applies to individuals engaged in
the regulated activity in all UK authorise
Management Arrangements, Systems and Controls sourcebook (SYSC)
According to section 21 of MLR-2007: Providing Training i
‘’A relevant person must take appropriate measures so that all relevant employees of his are
(A) made aware of the law relating to money laundering and terrorist financing; and
(B) Regularly given training in how to recognise and de
may be related to money laundering or terrorist financing’’
Acumen provides a high quality industry specific compliance training to the specific industry through
online and seminar based in onsite and off
We deliver various ranges of Anti
FCA Regulated firms. Our Industry expert trainers are experienced for years providing the training
efficiently and effectively to make your business compliant. Our training packages have been
designed customised way to serve the different industry and client’s base. W
burden on our shoulder to give you room for your own business expansions.
Our Training covers all relevant rules and regulations
UK framework
• MLR-2007, POCA-2002, PSRS
Intial
Assessment
of the
business
Stages of Audit:
We perform the Audit in the following stages as per the client’s request.
Compliance Training
http://fshandbook.info/FS/html/handbook/SYSC: ‘’A high
the regulated activity in all UK authorised firms (including wholesale firms) as set out in our
Management Arrangements, Systems and Controls sourcebook (SYSC)’’
2007: Providing Training is legal requirements:
‘’A relevant person must take appropriate measures so that all relevant employees of his are
(B) Regularly given training in how to recognise and deal with transactions and other activities which
may be related to money laundering or terrorist financing’’
provides a high quality industry specific compliance training to the specific industry through
online and seminar based in onsite and off-site.
We deliver various ranges of Anti-Money Laundering and CFT training especially for the HMRC and
Our Industry expert trainers are experienced for years providing the training
designed customised way to serve the different industry and client’s base. We take your compliance
burden on our shoulder to give you room for your own business expansions.
relevant rules and regulations as per the specific industr
2002, PSRS-2009, FSMA-2000.
Intial
Assessment
of the
business
Testing
of the CDD,
EDD and
material
Compliance
Records of the
business
Present
Audit report
with
Management
letter to
demonstrate
firms
weakness in
compliance
management
men-group.co.uk
‘’A high-level
d firms (including wholesale firms) as set out in our Senior
‘’A relevant person must take appropriate measures so that all relevant employees of his are—
al with transactions and other activities which
provides a high quality industry specific compliance training to the specific industry through
Money Laundering and CFT training especially for the HMRC and
Our Industry expert trainers are experienced for years providing the training
e take your compliance
specific industry:
Audit report
Management
demonstrate
weakness in
compliance
management

• MSB Guidance, JMLSG Guidance
• Terrorism Act 2000 (as amended by the Anti
• Counter-terrorism Act 2008, S
• Financial Sanctions: HM Treasury Sanctions Notices and News Releases
• Regulatory regime: FCA Handbook
• FCA Financial Crime Guide.
International recommendations and authorities
• FATF Recommendations (February
• UN Security Council Resolutions 1267 (1999), 1373 (2001) and 1390 (2002)
International regulatory pronouncements
• Basel paper – Sound management of risks related to money laundering and financing of
terrorism.
• IAIS Guidance Paper 5.
• IOSCO Principles paper.
EU Directives
• First Money Laundering Directive 91/308/EEC
• Second Money Laundering Directive 2001/97/EC
• Third Money Laundering Directive 2005/60/EC
• Implementing Measures Directive 2006/70/EC
EU Regulations
• EC Regulation 2580/2001
• EC Regulation 1781/2006 (the Wire Transfer Regulation)
Off-
Training
JMLSG Guidance, the Terrorist Asset-freezing Act 2010.
Terrorism Act 2000 (as amended by the Anti-terrorism, Crime and Security Act 2001)
terrorism Act 2008, Schedule 7.
Financial Sanctions: HM Treasury Sanctions Notices and News Releases.
Regulatory regime: FCA Handbook –APER, COND, DEPP, PRIN, and SYSC.
FCA Financial Crime Guide.
International recommendations and authorities
FATF Recommendations (February 2012).
UN Security Council Resolutions 1267 (1999), 1373 (2001) and 1390 (2002)
International regulatory pronouncements
Sound management of risks related to money laundering and financing of
First Money Laundering Directive 91/308/EEC.
Second Money Laundering Directive 2001/97/EC.
Third Money Laundering Directive 2005/60/EC.
Implementing Measures Directive 2006/70/EC.
EC Regulation 2580/2001.
EC Regulation 1781/2006 (the Wire Transfer Regulation).
Training Packages:
Online Training
Onsite
Training
Seminer Based
Training
-Site
Training
men-group.co.uk
terrorism, Crime and Security Act 2001).
UN Security Council Resolutions 1267 (1999), 1373 (2001) and 1390 (2002).
Sound management of risks related to money laundering and financing of

Prepara
We prepare the range of policies and procedures for FCA and HMRC regulated firms for application
preparation and meet post applications compliance challenge. Our expert professional prepare the
following documents and policies in tailed way to suit with yo
FCA Requirements during applications process.
• Opening balance sheet, Forecast Balance sheet, Monthly cash flow forecast and monthly
profit and loss forecast.
• Annual accounts and management accounts
• Firm’s Regulatory business plan
• Firms key business risks and mitigation plan.
• List of outsourcing plan accompanied with monitoring and controlling plans
• Client’s disclosure documents
• Remuneration structures
• Distance marketing plans and procedures
• Responsible lending procedures to make loan to customers
• Treating customers fairly outcomes procedures and firms consideration in business plan and
culture.
• IT systems and procedures
• Business disaster and Continuity Plan
• Compliance Procedures.
• Compliance monitoring programme documents
• Anti-Financial Crime and Market abuse Policy
• IT assessment review
• Business Operations Overview
• Conduct of Business Policy
• Data Telephone Preference Service (TPS) and Mail Preference Service (MPS) checked Policy
as per regulations.
• Complaints Policy
• Sign off of Marketing materials Policy
• Data Protection Policy
• Monitoring sales activity policy
• Terms of business & Consent form for data protection
• Sales scripts
• Conflict of interest policy
• Introducer Agreement
• Product Literature
• FCA Scripts-Verbal Disclosures.
• Training & Competency scheme
• sales policy, processes and controls
• Intermediaries’ guidance and second charge lending gui
• Day 1 ‘and ‘day 8 ‘letters to customers.
• Affordability assessment format and process.
• Prevent Financial Crime procedures.
• Procedures to identify and deal with borrowers who may have a mental capacity limitation
Preparation of Policies and Procedures
following documents and policies in tailed way to suit with your business as per the requirements of
FCA Requirements during applications process.
Opening balance sheet, Forecast Balance sheet, Monthly cash flow forecast and monthly
Annual accounts and management accounts.
ry business plan.
Firms key business risks and mitigation plan.
List of outsourcing plan accompanied with monitoring and controlling plans
disclosure documents.
Remuneration structures.
Distance marketing plans and procedures.
procedures to make loan to customers-if appropriate
Treating customers fairly outcomes procedures and firms consideration in business plan and
IT systems and procedures.
Business disaster and Continuity Plan.
.
nitoring programme documents
Financial Crime and Market abuse Policy
Business Operations Overview
Conduct of Business Policy
Data Telephone Preference Service (TPS) and Mail Preference Service (MPS) checked Policy
Sign off of Marketing materials Policy
Monitoring sales activity policy
Terms of business & Consent form for data protection
Conflict of interest policy
Verbal Disclosures.
Training & Competency scheme policy
sales policy, processes and controls
Intermediaries’ guidance and second charge lending guidance for brokers and lenders.
ay 1 ‘and ‘day 8 ‘letters to customers.
ssment format and process.
Prevent Financial Crime procedures.
to identify and deal with borrowers who may have a mental capacity limitation
men-group.co.uk
ur business as per the requirements of
Opening balance sheet, Forecast Balance sheet, Monthly cash flow forecast and monthly
List of outsourcing plan accompanied with monitoring and controlling plans.
if appropriate.
Treating customers fairly outcomes procedures and firms consideration in business plan and
Data Telephone Preference Service (TPS) and Mail Preference Service (MPS) checked Policy
dance for brokers and lenders.
to identify and deal with borrowers who may have a mental capacity limitation.

At Acumen, Our Professional Adviser will assess your business from financial and No
financial aspects to identify the potential and existing risk, taking and recommending the
possible mitigating approach to lessen the risk running the business smoothly.
the following risk in the business.
• Compliance risk assessment.
• Product risk assessment.
• Security risk assessment.
• Information technology risk assessment.
• Project risk assessment.
• Strategic risk assessment.
• Operational risk assessment.
• Internal audit risk assessment.
• Financial statement risk assessment.
• Credit risk assessment.
• Customer risk assessment.
• Supply chain risk assessment.
• Fraud risk assessment.
• Market risk assessment.
Client Money Safeguarding and Segregation Audit
The FCA’s requirement is to appoint (annually) an external aud
client assets arrangements and funds deposit
maintained systems adequate to comply with the FCA’s client money and custody rules.
The FCA requires firms to keep any records a
distinguish safe custody assets held for one client from those of other clients, and from our own
assets. Even clients funds should be kept separate than the firms other funds. Reconciliations are
made to ensure the accuracy of firm’s records and accounts, and to ensure that they correspond to
the records of third parties holding client assets.
If asset reconciliation showed a discrepancy, firms should make good any shortfall for which they
were responsible. If another organisation was responsible, firms should take reasonable steps to
Risk Assessment
Our Professional Adviser will assess your business from financial and No
inancial aspects to identify the potential and existing risk, taking and recommending the
possible mitigating approach to lessen the risk running the business smoothly.
the following risk in the business.
Compliance risk assessment.
Product risk assessment.
Security risk assessment.
Information technology risk assessment.
Project risk assessment.
Strategic risk assessment.
Operational risk assessment.
Internal audit risk assessment.
Financial statement risk assessment.
Customer risk assessment.
Supply chain risk assessment.
Market risk assessment.
to appoint (annually) an external auditor to independently assess firm’s
and funds deposit. The auditor gives their opinion on whether firms
The FCA requires firms to keep any records and accounts necessary to enable firms at any time to
o ensure the accuracy of firm’s records and accounts, and to ensure that they correspond to
the records of third parties holding client assets.
men-group.co.uk
Our Professional Adviser will assess your business from financial and No-
inancial aspects to identify the potential and existing risk, taking and recommending the
possible mitigating approach to lessen the risk running the business smoothly. We assess
dependently assess firm’s
their opinion on whether firms have
nd accounts necessary to enable firms at any time to
o ensure the accuracy of firm’s records and accounts, and to ensure that they correspond to

resolve the position with them. Firms must inform the FCA wit
with the reconciliation requirements, including reconciliation discrepancies and making good any
differences.
If cash reconciliation showed a discrepancy, firms should investigate to identify the reason for it and
ensure that any shortfall is paid into
account/clients’ accounts on the day the reconciliation was performed. If firms identified a shortfall
of client money in a third party account, firms
account/clients’ accounts pendin
FCA Authorization
Do you need FCA Consumer Credit
If your business is involved in provision of lending, debt management, Credit Broking, hiring or credit
Information services to consumers then your business must be authorised by Financial Conduct
Authority (FCA). FCA is the watchdog that regulates the con
protect the interest of consumers and efficient running of the industry.
Businesses which formerly held a consumer credit license with the Office of Fair Trad
have temporary permission from FCA must apply fo
otherwise known as ‘Landing Slot’. Any new business wishes to offer consumer credit services may
apply for approval from FCA any time.
Challenges
A firm should familiarise themselves with
and ensure they meet all criteria before making an application.
To begin with, a firm must obtain through understanding of the Consumer Credit rules must be
complied with and requirements
policies and procedures and Compliance Monitoring Programme
application.
Business managers often find it challenging to give necessary time to the application process and
therefore hire an external firm to do the job for them.
It is part of FCA policy that they interview applicant to understand of their business and regulatory
knowledge. Therefore, you must familiarise yourself with the types of question they might ask and
to give them appropriate response.
resolve the position with them. Firms must inform the FCA without delay of any failure to comply
reconciliation showed a discrepancy, firms should investigate to identify the reason for it and
re that any shortfall is paid into – or any excess withdrawn from
accounts on the day the reconciliation was performed. If firms identified a shortfall
ney in a third party account, firms should pay their own money into the client bank
pending resolution of the discrepancy.
Authorization on Consumer Credit
A Consumer Credit Authorization
is the watchdog that regulates the conduct of UK Consumer Credit
protect the interest of consumers and efficient running of the industry.
Businesses which formerly held a consumer credit license with the Office of Fair Trad
have temporary permission from FCA must apply for Authorization within allocated time frame
apply for approval from FCA any time.
A firm should familiarise themselves with Procedures of obtaining FCA Consumer Credit Approval
and ensure they meet all criteria before making an application.
s of application. A regulatory business plan, various
policies and procedures and Compliance Monitoring Programme must be submitted along with
m to do the job for them.
onse.
men-group.co.uk
hout delay of any failure to comply
reconciliation showed a discrepancy, firms should investigate to identify the reason for it and
or any excess withdrawn from – the client bank
accounts on the day the reconciliation was performed. If firms identified a shortfall
money into the client bank
on Consumer Credit
UK Consumer Credit firms to
Businesses which formerly held a consumer credit license with the Office of Fair Trading (OFT) and
within allocated time frame
FCA Consumer Credit Approval
various compliance
must be submitted along with

Getting Authorization is the primary stage of beginning to be regulated by FCA and a firm must
continue to manage their relationship with FCA by meeting all regulatory requirements including
compliance and reporting to retain the FCA regulatory
How to Apply
Three ways of application you should consider before you decide which one is best matches your
circumstances and then you make application with your chosen route.
Manage the application yourself
Applying for FCA Authorization is
initiative to make the application
If you are confident and have knowledge
ensure you read the guidance properly
Manage the application with
If you have decided to submit the application by yourself but you want a last minute review by
someone specialist in this sector
any requirement then you can contact us and we will happily arrange a meeting with one of our
compliance team member to have your application reviewed.
Outsource the managem
If you think you don’t have enough time to d
can hire any expert to do the job for you. They will prepare your application and collect all necessary
documentation from you.
Our compliance team are very skilled to prepare and submit FCA
Managing Compliance with FCA
Reasons for running on-going Compliance M
When you apply for approval from FCA for your Consumer Credit Business, you are
Authorization on conditions that you have met all required standards and procedures and you will
continue to meet the compliance obligation going forward. An on
is the primary stage of beginning to be regulated by FCA and a firm must
compliance and reporting to retain the FCA regulatory status.
circumstances and then you make application with your chosen route.
yourself
is not learning quantum physics for first time and
application process as easy as possible for you through guidance
knowledge of this application process, you may give
properly and visit the FCA website for more information.
with expert guidance
decided to submit the application by yourself but you want a last minute review by
in this sector to ensure your application pack are completed and you did not skip
compliance team member to have your application reviewed.
management of whole application
If you think you don’t have enough time to dedicate for preparation of application by yourself, you
compliance team are very skilled to prepare and submit FCA Authorization application.
going Compliance Management.
When you apply for approval from FCA for your Consumer Credit Business, you are
on conditions that you have met all required standards and procedures and you will
continue to meet the compliance obligation going forward. An on-going compliance management
men-group.co.uk
is the primary stage of beginning to be regulated by FCA and a firm must
and FCA took every
guidance and checklist.
give it a go. Please
information.
decided to submit the application by yourself but you want a last minute review by
to ensure your application pack are completed and you did not skip
edicate for preparation of application by yourself, you
application.
When you apply for approval from FCA for your Consumer Credit Business, you are given the
on conditions that you have met all required standards and procedures and you will
going compliance management

programme will allow FCA to monitor how you are meeting y
therefore compulsory.
Obligations under On-going
- Implementation and manage your Compliance Monitoring Programme
- Follow your compliance policies and
compliance training.
- Stay up-to-date with the FCA's regulations that apply to your business
- Prepare and submit your GABRIEL returns to the FCA
Our Compliance Solutions Package
We have designed a package to meet all your compliance needs under one
features of the service give you everything you need to manage your on
obligations. The "Pro" version also includes support for businesses preparing their own app
for FCA Authorization.
Please contact us for more information.
Some Important Information about
Credit Authorization
What is Consumer Credit
Consumer CREDIT is the general
services offered by businesses to consumers. For the purposes of regulation, a consumer is defined
as a private individual, a sole trader or a partnership of three partners or fewer.
Does your business need to be authorised
If your business deals with regulated services then you are required to be authorised by the FCA for
Consumer Credit. Regulated services include lending, debt
programme will allow FCA to monitor how you are meeting your compliance obligation and it is
going compliance management programme.
and manage your Compliance Monitoring Programme
Follow your compliance policies and procedures, including ensuring your staffs receive
date with the FCA's regulations that apply to your business
Prepare and submit your GABRIEL returns to the FCA on time.
Our Compliance Solutions Package
to meet all your compliance needs under one Engagement.
features of the service give you everything you need to manage your on-going FCA compliance
" version also includes support for businesses preparing their own app
Please contact us for more information.
Some Important Information about Consumer
Authorization
What is Consumer Credit
term used to describe credit, LOAN and debt-related activities and
as a private individual, a sole trader or a partnership of three partners or fewer.
Does your business need to be authorised
lated services then you are required to be authorised by the FCA for
Consumer Credit. Regulated services include lending, debt-related activities, credit broking, hire and
men-group.co.uk
our compliance obligation and it is
compliance management programme.
r staffs receive appropriate
Engagement. The core
going FCA compliance
" version also includes support for businesses preparing their own application
Consumer
related activities and
lated services then you are required to be authorised by the FCA for
related activities, credit broking, hire and

Credit Information. The FCA website provides a
services.
If you are not sure whether your business falls under regulated service or not, please contacts us and
we can help you.
The FCA
The Financial Conduct Authority (FCA) is
of the financial services industry in the UK. It is accountable to the Treasury and Parliament, but does
not receive any government subsidy
businesses. The FCA replaced the Office of Fair Trading (OFT) as the regulator of Consumer Credit in
April 2014.
Type of application your business need to submit.
There are two types of FCA Consumer
Permission. Whether you need to apply for Limited or Ful
Consumer CREDIT SERVICES your busines
Tool document to help you determine which type
guidance on the kind of application you need to m
Procedures of submitting an Consumer Credit
FCA's Authorization application is in the core of the whole pro
FCA Connect system. The FCA provides sample forms for both Limited
Permission applications that you can download to see the degree of the information required. In
addition to the form, a regulatory
and number of compliance policies and procedures need to be documented. Upon completion of
application form, the application and supporting files are submitted
is paid.
Interim Permission
Businesses that formerly held a Consumer
register for Interim Permission with the FCA before Ap
temporary Authorization to continue offering Consumer
submitted for FCA Authorization
. The FCA website provides a Jargon Buster that includes a full li
The Financial Conduct Authority (FCA) is a self-governing organisation responsible for the regulation
subsidy. The FCA is funded by the fees it charges to
Type of application your business need to submit.
types of FCA Consumer Credit Authorization known as Limited Permission and Full
Permission. Whether you need to apply for Limited or Full Permission depends on the type
your business offers. The FCA website features a Decision
o help you determine which type of Permission you need. If you'd like further
guidance on the kind of application you need to make, please contact us.
Procedures of submitting an Consumer Credit Authorization Application
application is in the core of the whole process and it can be completed online by
system. The FCA provides sample forms for both Limited and Full
applications that you can download to see the degree of the information required. In
addition to the form, a regulatory and compliance monitoring programme need to be formulated
application form, the application and supporting files are submitted to the FCA and
held a Consumer Credit Licence from the OFT were given the
register for Interim Permission with the FCA before April 2014. Interim Permission is
to continue offering Consumer Credit Services until an application
Authorization during the allocated application period. If your business didn't have
men-group.co.uk
that includes a full list of regulated
organisation responsible for the regulation
authorised
Limited Permission and Full
l Permission depends on the type of
Decision
of Permission you need. If you'd like further
Application
cess and it can be completed online by
applications that you can download to see the degree of the information required. In
need to be formulated
to the FCA and application fees
Licence from the OFT were given the chance to
ril 2014. Interim Permission is effectively a
an application is
. If your business didn't have

a Consumer Credit Licence from the OFT and wishes to offer reg
Interim Permission doesn't apply and you need to make fresh application to FCA.
Differences between Limited and Full Permission
Broadly speaking, the two categories of Limited and Full Permission distinguish between the
potential levels of risk of different activities to consumers. For Instance, a car dealer acting as
a Credit Broker and introduces customers to 3rd party for
the lower end of the risk scale and eligible for Limite
or a debt collection agency involved in higher risk activities would have to apply for Full Permission.
Achieving and maintaining Full Permission
Landing Slot
Businesses with Interim Permission
Application Period, also known as a Landing Slot, by the FCA in April
application for Authorization during your Application Period if you wish to continue offering
regulated services. If you don't, your Interim Permission will
Period. Once you've submitted your application, your Interi
either grants Authorization or rejects your applicatio
review your application and confirm
Regulatory Business Plan
The FCA describes a Regulatory Business Plan as a document that,
and objectives and detail how you
that your plan goes into should be
business plan will help us assess
model. If you apply for full permission
application form. If you apply for
application but you should be able
Compliance Monitoring Programme
The FCA uses the term Compliance Monitoring Programme to describe,
how you establish, maintain and
and continues to comply with its
a Consumer Credit Licence from the OFT and wishes to offer regulated services for the first time,
esn't apply and you need to make fresh application to FCA.
Differences between Limited and Full Permission
Credit Broker and introduces customers to 3rd party for financing would be considered as being at
the lower end of the risk scale and eligible for Limited Permission. By comparison, a
Achieving and maintaining Full Permission Authorization is more difficult than Limited Permission.
Permission for Consumer Credit Service were given three
Application Period, also known as a Landing Slot, by the FCA in April 2014. You must submit
during your Application Period if you wish to continue offering
regulated services. If you don't, your Interim Permission will terminate at the end of your Application
Period. Once you've submitted your application, your Interim Permission will be valid
or rejects your application. It may take the FCA up to six months to
confirm whether or not it has been successful.
Regulatory Business Plan
a Regulatory Business Plan as a document that, "...will set out
you will organise your resources to achieve them. The
be proportionate to the complexity and scale of your
the adequacy of your resources and the suitability
permission you must attach Regulatory Business Plan
for limited permission you won’t need to include it
able to provide it later if FCA request it”.
Compliance Monitoring Programme
The FCA uses the term Compliance Monitoring Programme to describe, "A document
and carry out a programme of actions to check that
its compliance procedures."
men-group.co.uk
ulated services for the first time,
esn't apply and you need to make fresh application to FCA.
would be considered as being at
d Permission. By comparison, a LOAN COMPANY
is more difficult than Limited Permission.
three months
2014. You must submit your
during your Application Period if you wish to continue offering
at the end of your Application
Permission will be valid until the FCA
up to six months to
your business aims
The level of detail
your business. Your
suitability of your business
to the online
with your
document that shows
your firm complies

Post Application Assessment
Once an application has been submitted, the FCA will appoint
Officer always need to evaluate
you prepared your own application, the Case Officer will send their queries to you. If
managing the application on your behalf, we will provide you with tailored guidance about your
expected response to any query
Alternatively, a telephone interview may be
your application) as part of their due diligence process.
expect from this kind of call, which are included in the "Pro
Time Lengths of Application Review
It is stated policy of FCA that it may take up to six months to make a decision on an application.
However, often they process the application much earlier than their stated time lengths.
Cost of Authorization
The FCA charges an Authorization
application the fee is £100 or £500 depending on whether regulated turnover is below or above
£50k. For Full Permission applications the fee ranges from £600 up to £15,000. Further information
about FCA fees is available on their website. If you're unsure what level of fee will apply to your
business, CALL US on 0207 790 1259
information about Authorization
GABRIEL Return
The FCA requires authorised businesses to submit regular reports wi
their consumer credit activities. The reporting requirements are somewhat more involved for Full
Permission than Limited Permission. Businesses with Limited Permission have to make an annual
return, while Full Permissions holde
stands for Gathering Better Regulatory Information
reporting system. The Compliance
of our consultants.
Post Application Assessment
en submitted, the FCA will appoint a Case Officer to review it. Case
specific details and may request further information’s if necessary.
you prepared your own application, the Case Officer will send their queries to you. If
your behalf, we will provide you with tailored guidance about your
.
Alternatively, a telephone interview may be scheduled by the Case Officer (even if we're managing
your application) as part of their due diligence process. We've produced guidance notes on what to
which are included in the "Pro" version of the Compliance
Time Lengths of Application Review
Authorization fee based on forecast annual turnover. For Limited Permission
the fee is £100 or £500 depending on whether regulated turnover is below or above
is available on their website. If you're unsure what level of fee will apply to your
0207 790 1259737 to chat about your specific circumstances.
Authorization fees please contact us or visit the FCA website.
The FCA requires authorised businesses to submit regular reports with updated information about
. The reporting requirements are somewhat more involved for Full
holder needs to make return every six months. The word
Better Regulatory Information Electronically and is the name of the FCA's online
The Compliance service includes a formal review of your GABRIEL returns by one
men-group.co.uk
o review it. Case
information’s if necessary. If
you prepared your own application, the Case Officer will send their queries to you. If we are
your behalf, we will provide you with tailored guidance about your
Case Officer (even if we're managing
We've produced guidance notes on what to
the Compliance service.
turnover. For Limited Permission
the fee is £100 or £500 depending on whether regulated turnover is below or above
is available on their website. If you're unsure what level of fee will apply to your
737 to chat about your specific circumstances. For more
th updated information about
. The reporting requirements are somewhat more involved for Full
r needs to make return every six months. The word GABRIEL
and is the name of the FCA's online
service includes a formal review of your GABRIEL returns by one

FCA Recommended Training & Competence
Training & Competence is a specific aspect of the FCA's regulations and one of the compliance
procedures you're required to conform.
competent business employees. The rules on Training & Competence cover assessing an
maintaining competence and record keeping.
the compliance topics you and your staff may need
Benefits of Compliance Solution S
Our Compliance Solution Service and its Pro Version
-Preparation of FCA Authorization
-Guidance on expected questions and answers once application has been submitted.
-On-going Monitoring Compliance
-Preparation of applicable Policies and Procedures
The Contract Length
The minimum contract period of joining our ‘Compliance Solution Service’ and ‘Compliance Solution
Service Pro’ is 12 months.
ecommended Training & Competence
is a specific aspect of the FCA's regulations and one of the compliance
required to conform. It refers to their aim of ensuring consumers interaction with
competent business employees. The rules on Training & Competence cover assessing an
maintaining competence and record keeping. Acumen Group offers a set of learning courses on all
the compliance topics you and your staff may need training on.
of Compliance Solution Service
Our Compliance Solution Service and its Pro Version gives you following benefits
Authorization application
Guidance on expected questions and answers once application has been submitted.
going Monitoring Compliance
Preparation of applicable Policies and Procedures
men-group.co.uk
is a specific aspect of the FCA's regulations and one of the compliance
r aim of ensuring consumers interaction with
competent business employees. The rules on Training & Competence cover assessing and
learning courses on all
gives you following benefits
Guidance on expected questions and answers once application has been submitted.

men-group.co.uk

Acumen Global Compliance Prospectus_2015 (1)

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