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Holiday reading

You may be about to jet off to the mediterranean on your summer holidays and considering a good book to read on the beach. Will it be ‘fifty shades of grey’  or my recommendation ‘executive’s guide to COSO Internal Controls’. An excellent book which will help you to establish a framework of controls for your business.

If you don’t fancy this as a good holiday read, then you can always give me a call.

Guidance on how to establish a control framework in line with COSO requirements

Guidance on how to establish a control framework in line with COSO requirements

FCA Authorisation Update

Between the 1st June 2014 and the 31st March 2016 up to 50,000 firms will be applying for either a variation of permission or authorisation. The authorisation application requires detailed information about your firm, its ownership and structure, your business risks, financial information, your regulated business plan, your corporate governance arrangements, your systems and controls, how you treat customers fairly, and how you monitor compliance with the rulebooks.

Your firm will be required to submit certain key documents and may be required to submit other policies and procedures to support your application.

The FCA recently held a round table event for trade associations which focused on the authorisation process. This is a high level summary of the key points raised:

  • Early experience of the applications received so far suggest that firms were finding it more difficult and time consuming to complete the form than they had expected, so it is important that firms make sufficient time to complete the application.
  • Firms must provide full documentation as required and be open and honest. Without all the information and supporting evidence the FCA do not class the application as complete, leading to delays and requests for more information.
  • Make sure you apply for the right permissions at the right level.
  • Do not miss the application slot assigned to your firm as your interim permissions will immediately lapse and cannot be re-instated if you do. The FCA has no scope to consider late applications and firms will be expected to cease trading until authorisation has been obtained.
  • Application periods have been assigned on the basis of the OFT categories which firms held as of the 1st April 2014. These will not vary even if a firm has applied to vary its categories.

If you require any assistance with the application process please call or respond on the website. We will endeavour to respond to you at the earliest opportunity.

Tel mobile: 07597 386728

e-mail: info@internalcontrol.co.uk

Web: www.internalcontrol.co.uk.

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