CMC's & The FCA Jeremy Smith Director B-Compliant Ltd
Do I I need to be auth thoris ised? • CMR Regulated • Seeking out persons who may have a claim • Referring details of a claim or potential claim or potential claimant to another person (including a person having the right to conduct litigation), or • Identifying a potential claim or potential claimant. • Or you intend to offer such services in the future
Key Dates 1 st April 2019 New Regime commences 1 st January 2019 – 31 st March 2019 Existing firms can apply for temporary permissions Don’t be late Period for full application is 1 st June 2019 to 31 st July 2019 FCA have 6 months to consider applications if complete, If they are not complete then it is 12 months. Do not leave it too late to start preparing
Costs • Application Fee • Firms with a turnover up to £1 million - £1200 • Firms with a turnover above £1 million - £10,000 • If already authorised by the FCA the fee will be reduced by 50% • Ongoing Fees • Up to £100,000 turnover is £1000 per annum • Above £100,000 is £1000 per annum and a variable rate on each £1000 above. • Payable 2019/20 as you register for temporary permissions
Appli licatio ion Process • Threshold Conditions • Supervision and Reporting • Prudential Standards • Systems and Controls • Client Money • General Provisions • Conduct Standards Application is an online application and you will need a detailed business plan.
What’s the worst that can happen? Authorised Firms Unauthorised Firms • Withdraw authorisations • Fine • Fine • Court Injunctions • Court injunctions • Ban directors • Ban directors • Criminal Prosecutions
Questions? Jeremy Smith 0161 979 0726 Jeremy@b-compliant.co.uk
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