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Our Services

Craigcrook Management Services Limited will provide advice to all FCA regulated businesses and will provide advice that will enable the business to grow and develop.

New FCA Authorisation

We will be happy to discuss any business where the owners are of the view that an FCA Authorisation in required.

The FCA requirements relating to Threshold Conditions has become more stringent and challenging and has gone beyond the Capital requirements. The following areas will need to be satisfied to meet the Threshold Conditions:

  • Capital
  • People
  • IT
  • Marketing
  • Financial Reporting
  • Compliance Resources

We can help you with the need for Compliance Resources and Regulatory Reporting.

New Firms will be expected by FCA to comply with the new Consumer Duty on which we can advise. The Consumer Duty is a new FCA requirement affecting almost all firms placing much emphasis on Outcomes and Cross Cutting Rules. We look forward to discussing the impact of the Consumer Duty on your business.

We will answer any questions that arise during the New Authorisation process or indeed any issues that arise. We will help you with the appointment of Senior Managers and any interviews that FCA may require. We will also provide assistance in the designation of Certified staff that may be required. We will also provide training materials on the Senior Manager & Certification Regime.

Variation of Permissions

Any existing firm that requires a change in the Permissions it holds by submitting a Variation of Permissions (VOP). The existing business must meet the “new Authorisation” requirements of the FCA which are set out on the New Authorisation page.

We or the existing business will complete the VOP and provide the information that the FCA will require. We will deal with:

  • Changes in Suitability
  • Shareholding
  • Changes in Control
  • Changes in Senior Managers or their Responsibilities
  • Financial Reporting
  • Change of plans of the existing business to the existing Permissions held

We also shall discuss the implications of the implementation of the Consumer Duty by the FCA will have on your business and the Permissions held.

Regulatory Reporting

Most of our clients use Regulatory Reporting. They or we have drafted a Compliance Handbook Analysis from which is derived the Compliance Monitoring Plan for the business. From this Plan is derived the work which is agreed between us and the management of the client which will be carried out each Quarter by us.

Most of our clients make use of Horizon Scanning by us which highlights the forthcoming changes by FCA and others in the coming months which management finds of great use to their planning.

Training

The FCA requires that Banking and Investment employees record 35 hours of CPD while Insurance employees record 16 hours of CPD. This is usually documented by attendance at face to face conferences; online conferences and online activity. Such online activity is appropriate for routine and well-established activity.

For more one off and new areas of Regulatory activity face to face training should be used which will provide the opportunity for questions and discussion. We can provide one-off training materials for such situations whereby a senior member of staff will lead such meetings, or we can provide such training to pre-selected groups.

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