By June 30, firms must have the necessary permissions granted or they must cease trading until they get them and Compliancy Services believes that firms should apply for full authorisation early and not leave it until a couple of months before the deadline.
Claire Wilkinson, retail director at Compliancy Services, commented: “Firms will need to have all their compliance procedures in place and agreed so they can carry on trading after this deadline. If they have not received their full authorisation by this time, their interim permission ends with it needing to be replaced by full authorisation.”
The specialist SRB arm of Compliancy Services was launched to aid SRB firms, many of whom have never previously been regulated, deal with the requirements of achieving and maintaining FSA authorisation.
