Using the Financial Services Register (2024)

FAQs

What is the financial services register? ›

The Financial Services Register is a public record that lists all regulated and approved financial services and individuals. The Financial Conduct Authority (FCA), which approves almost all financial services activities in the UK, manages the Register.

A guide that contains information about the entity providing you with financial advice. It should explain the financial service offered, the fees charged and how the person or company providing the service will deal with complaints.

Most firms providing financial services need to be authorised by us or registered with us.

Accept deposits and repayable funds and make loans: Providers pay those who give them money, which they in turn lend or invest with the goal of making a profit on the difference between what they pay depositors and the amount they receive from borrowers.

Register has several different definitions. In finance, the term often pertains to the recording of a financial event, an aggregation of stored data, or a record of charges.

Some firms engaged in regulated activities don't, depending on the circ*mstances, need to be authorised by us. These can include: professional firms – such as solicitors, accountants or actuaries.

You must submit your application through Connect. Along with your application form, you'll need to include: a regulatory business plan and all the required forms. financial forecasts – learn how to prepare your your firm's financial information.

We use a wide range of enforcement powers – criminal, civil and regulatory – to protect consumers and act against firms and individuals that don't meet our standards. These powers include imposing financial penalties, prohibiting individuals from carrying out regulated activities, public censure and prosecution.

It could take between 3 to 6 months (or longer) for the FCA to complete their review and to grant approval, however, the FCA has up to 12 months to review and decide whether they should authorise the firm or not. More complex firms will usually take longer to obtain FCA authorisation than more straightforward firms.

Who pays FCA fees? ›

Each year your firm pays regulatory fees and other charges (levies). Your fees and levies fund the Financial Conduct Authority (FCA) but also contribute to other organisations: Payment Systems Regulator (PSR)

Minimum standard fee

Most firms with the 'A' fee-blocks will pay a minimum fee of £1,500 to the FCA. However, if your firm is dual-regulated by the Prudential Regulation Authority (PRA) and the FCA, the minimum fee will be £875 to the FCA and £600 to the PRA. Some firms pay a reduced minimum fee.

Financial Crime Compliance (FCC) is a process to ensure your bank or financial institution is meeting the policies, standards, and regulations laid by the Financial Crimes Enforcement Network (FinCEN) of the United States Treasury Department.

Further details can be found at www.lendingstandardsboard.org.uk. Barclays Insurance Services Company Limited is authorised and regulated by the Financial Conduct Authority (Financial Services Register number: 312078). Barclays Smart Investor is a trading name of Barclays Investment Solutions Limited.

Financial records are any type of records that pertain to a company's financial activities. This can include accounting records, bank statements, tax documents, and more. Financial records provide information about a company's income, expenses, assets, liabilities, and equity.

Financial services are a broad range of more specific activities such as banking, investing, and insurance. Financial services are limited to the activity of financial services firms and their professionals, while financial products are the actual goods, accounts, or investments they provide.