This is a question we get asked a lot, especially from those on the journey to becoming directly authorised, or those who are making changes to their business.
It’s not just the FCA rules you need to consider here. There are additional rules depending on what type of company you’re registered as, for example, sole trader or limited company.
Over the years we’ve seen some common mistakes made, so we thought we’d summarise the areas to watch out for and the things to avoid.
The correct regulatory statement
Abbreviating the Financial Conduct Authority to the FCA may seem harmless, but this is a big no-no.
Under GEN 4.3.1 and GEN Annex 1 statutory status disclosure, a domestic firm that is not authorised by the Prudential Regulation Authority is required to disclose that the firm is ‘authorised and regulated by the Financial Conduct Authority’.
Read more in our Nucleus article here.