If you have an innovative or fast-growing financial firm, you may need help navigating the regulations. The FCA’s Scale-Up unit is designed to give tailored support on this, so firms can scale sustainably. This is now also available for solo-regulation.
The challenges of growth
When financial services companies grow, they may start offering new financial products or expand into new markets. This can mean that FCA regulations that in the past did not apply to them, now become relevant. Firms must comply with all relevant FCA regulations to avoid penalties. If you have recently expanded, it may be worth using FCA compliance consultants like www.adempi.co.uk/ to make sure you understand all the legislation that now applies to your business.
The scale-up unit
Support may also be available from the FCA’s Scale-up unit. This was founded with the Prudential Regulation Authority or PRA, with the aim of helping financial businesses move from startups to major firms. Initially, this was available only to those on the dual-regulated track, but it can now be accessed by those overseen by the FCA alone, such as brokers and asset managers.
The unit provides assistance in navigating regulations in a number of areas. Firstly, it provides a dedicated point of contact for firms to easily access assistance in understanding complex regulations, helping to streamline processes through direct support. If you are launching a new product, the scale-up unit can offer feedback at an early stage. It also allows you to give feedback to the regulators on regulations that you feel are hindering your opportunities for growth.