180 Advisory Solutions Achieves FCA AuthorisationFebruary 15, 2017
We are tremendously proud to announce that 180 Advisory Solutions is now authorised by the Financial Conduct Authority (FCA).
The gruelling authorisation process can take up to six months, with many firms still waiting for their authorisation after almost 2 years, and involves the FCA drilling into a firm’s structure, services and personnel to ensure that they are fit for purpose.
In this blog, we’ll discuss what the FCA actually is, what authorisation means for us at 180 Advisory Solutions and what it means for our clients.
What is the FCA?
First things first, what is the FCA?
The FCA is the UK’s regulatory body for financial services, directly regulating the conduct of around 56,000 firms. The FCA has three overarching objectives.
It secures an appropriate degree of protection for consumers
Enhance market integrity
It protects and enhances the integrity of the UK financial system
It promotes effective competition in the interests of consumers
If a firm offers a service that is regulated under the Financial Services and Marketing Act (FSMA) 2000, it must be authorised and registered by the FCA. (The FSMA covers activities like brokering insurance, providing investment advice and operating within the consumer credit sector. For full details see here.)
Obtaining FCA authorisation is no easy process as firms must prove they meet exacting standards set by the regulator.
Specifically, firms have to demonstrate that their business model meets the FCA’s requirements, that their activities are compliant with relevant regulation, that their controllers are fit and proper and that they have appropriate systems and controls in place.
To gain FCA authorisation, you must meet every single requirement.
When we finally achieved our FCA authorisation, everyone at 180 Advisory Solutions was understandably proud. Not only is it a glowing endorsement of our business but it means that we can now extend the breadth of our services and help more individuals and businesses.
What does this mean for 180?
Our authorisation means we are now able to offer advice and help in relation to the Scottish Government-run Debt Arrangement Scheme (DAS) for both individuals, partnerships and businesses.
The Debt Arrangement Scheme is an alternative to insolvency for both individuals and businesses that are run as sole traders or partnerships. A DAS or a Business DAS will protect you and your business from your creditors, freeze the interest, fees, penalties and charges on your debts and allow you to repay your debts over a reasonable period of time.
Being able to offer DAS will allow our advisers to support more businesses than ever before. Ultimately, we will be able to save more businesses from closure and help more individuals avoid insolvency.
What does this mean for you?
If you are struggling to cope with unaffordable unsecured personal debts, the Debt Arrangement Scheme may be able to help you avoid insolvency.
If you’d like to find out whether the DAS could help you or your business overcome debt problems, call our team today and one of our advisers will provide free initial advice.
Turning around a struggling business or part of it and avoiding insolvency is difficult. Instead of going at it alone, why not talk to 180 Advisory Solutions? We have been advising individuals and businesses for over 20 years and have the skills, contacts and experience to give your business the best chance possible. Get in touch below to arrange a free consultation.