FAQ's
Frequently asked questions.
If your question isn't answered here, call us on +44(0)207 961 1420.
- How long does FCA authorisation take?
- The FCA has up to 6 months for a complete application and 12 months for an incomplete one. In practice, well-prepared payment and e-money applications are typically determined in 4 to 9 months.
- What does an application cost?
- Costs depend on permissions and complexity. We provide a fixed-scope quote after the discovery call, separate from the FCA's own application fee.
- Do I need a UK presence?
- Yes. The FCA expects a genuine mind and management in the UK, including UK-based senior managers and real operational substance.
- Who needs an independent AML audit?
- Firms are usually required by banks, acquirers, principal firms or payout partners to commission a periodic independent external AML audit.
- Can you act as our outsourced compliance function?
- Yes. We provide ongoing compliance management for smaller firms and additional capacity for larger in-house teams.
- Do you support variations of permission?
- We do — including adding permissions, changing safeguarding arrangements and preparing supporting evidence for the FCA.
- What documents do you need from us to start?
- Typically your corporate structure, shareholder and director details, business model description, financial projections and any existing policies. We send a structured checklist after the discovery call so nothing is collected twice.
- Will the FCA interview our senior managers?
- Often, yes. Case officers regularly interview proposed directors and the MLRO. We run mock interviews so your team can explain the model, the risks and their own responsibilities confidently.
- Can you help a firm that has already been rejected or withdrew?
- Yes. We carry out a root-cause review of the previous application, rebuild the weak areas, and re-present the case with the FCA's earlier feedback addressed point by point.
- Do you provide the MLRO or Compliance Officer role?
- We do not hold the regulated role for you, but we support your appointed MLRO day to day, prepare them for approval, and can provide interim assistance while you recruit.
- How often should policies be reviewed?
- At least annually, and whenever the business model, product set, customer base or regulation changes materially. We schedule reviews as part of an ongoing compliance retainer.
- Do you work with firms outside London?
- Yes. We work with clients across the UK and internationally, remotely as standard, with onsite visits for AML audits and training where useful.
- What happens after authorisation is granted?
- Reporting obligations begin immediately — RegData returns, safeguarding audits, annual financial crime reporting and ongoing monitoring. Our ongoing compliance service manages that calendar for you.