>> Read more on the FCA website here
An Appointed Representative Firm Model: Following a New Enquiry Call
Onboarding including Onboarding Training
Following a new inquiry call, meeting notes are sent back to you, and you agree in principle to work with Sturgeon. Next, you will receive a Contract for Services to sign. This will of course be subject to the onboarding process not throwing up any skeletons in the closet that may affect any personnel not being Fit and Proper.
Due diligence involves an overview of your business model so we can assess expertise, experience, people, and financial resources. The initial risk assessment looks at culture, company financials and the proposed regulated activities. Once through this assessment Sturgeon will commence structured due diligence on your firm, the directors, and its controlling shareholders.
All persons, prior to being approved by the FCA, are appropriately trained before submission to ensure that they are aware of what is expected of them as controlled function persons. The training includes programmes on anti-money laundering, market abuse, anti-bribery and a hot topic, conflicts of interest, in addition to courses on new regulations and related topics. We will provide you with a compliance manual, relevant compliance policies to be reviewed and an attestation that they have been done before the FCA submission.
Typically this takes most firms 3 weeks…..
Once the onboarding is complete, a submission will be made to the FCA to notify them that the firm is to be an Appointed Representative Firm of Sturgeon Ventures and their personnel will become Approved Persons with Controlled Functions whether a CF1 (AR) Director, a CF4 (AR) a Partner, and/or a CF30 (AR) Advisor.
Since mid-September 2021, individuals are submitted at the same time as the Firm for the FCA’s assessment and approval.
We must stress that once submissions have been made to the FCA, the timings and outcome are out of our control, but we will provide ongoing updates, so you know where you stand.
We aim to have you up and running as quickly as possible. Once the Firm has been given a Firm Reference Number (FRN) and the first individual has been approved by the FCA, business can commence further to Sturgeon reviewing the onboarding of a client.
Ongoing Monitoring of our Appointed Representative Firms
Overseeing and monitoring your business involves both a combination of formal meetings and regular informal contact; our aim is to get to know you and your people. Formal meetings will include a detailed discussion on the business, an assessment of the risks and the completion of several registers. Websites, marketing material and financial promotions will be checked and approved in a constructive and timely fashion. Sturgeon has been an agile team working from home offices for more than two decades, so our procedures are intuitive, timely and flexible.
Compliance Software
Sturgeon has built a bespoke regulation technology procedure which provides appointed representative firms’ personnel and Sturgeon Ventures staff with an easy-to-use online process. The platform streamlines the compliance monitoring process and provides a complete audit trail.
If you’d like further help or want to become an Appointed Representative working with an FCA Regulated firm, please contact Sturgeon Ventures.
Sturgeon Ventures FCA Registration listing can be found here – Registered FCA Listing