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SimplyBiz: Can you afford not to get help with your FCA application?

David Golder

To those of you having your first encounter with the Financial Conduct Authority (FCA) application process, any attempt to explain how much time and resource it can demand can sound like wild exaggeration.

Therefore, I’ll let the facts speak for themselves: principals of businesses, who are already through the FCA application process, took an average three weeks to prepare their application.

Just for clarity, this isn’t the amount of time that it took them to get their application done and dusted end-to-end. Three weeks is the amount of time it took them just to find out what they needed, gather the right information, complete the form and submit it to the FCA. Although it can vary widely, the average amount of time it then takes to get an FCA case officer to handle the application is then three to four months. After that – if you’ve chosen to complete the application without any assistance from a specialist – it’s very likely that your case officer will require further or amended information and – depending upon how long the whole thing has taken – you may well need to re-submit some information and reports from scratch. And, of course, the additional pressure is that you would not want to get off on the wrong footing with your new regulator! If I’ve made it sound like the whole thing can prove hellishly frustrating… then I’ve painted a pretty accurate picture! 

Of course, the length of time that can be swallowed up by the process is just one side of the coin. The other is the number of worker-hours you will lose as a consequence and, of course, the resultant loss of income. If you are the principal of a firm and plan to undertake the process yourself, what would be the impact to your business if you effectively lost three weeks? If you plan to hand it over to a key member of your team, you need to weigh up who you would trust to ably handle such an important task against whether you can absorb the strain of them not being fully focused on their key role during the lengthy application period.

The alternative to all this hassle is simply to engage a specialist provider to handle your application for you. The Consumer Credit Centre – which is part of the SimplyBiz Group – has a 100% success rate in getting consumer credit applications approved first time by the FCA and the cost for this service is less than an average two day’s earnings.   

The SimplyBiz Group has 12 years of experience in this area and a highly skilled specialist team. If you want help with applying for permissions or changing your application date for consumer credit authorisation, please get in touch with us urgently on 01484 443 424.

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