Case Study

Regulatory Compliance: Authorisation

June 28, 2019

An Australian parented financial technology company that offers integrated solutions for cross border payments with headquarters in Hong Kong engaged fscom to assist with its UK authorisation.   

Project background and objectives

The client facilitated international money transfers through a combination of payment collection, foreign exchange and local payment distribution. The project objective was to set up a UK establishment and become authorised with the Financial Conduct Authority (FCA) as an electronic money (e-money) institution. They were looking for strategic guidance on the regulatory implications of the business model, project management assistance with the authorisation process and also implementation of the systems and procedures.

Our approach

As with all clients, fscom implemented our engagement management approach which ensures clarity on the project goals, timescales for delivery, knowledge transference and also a robust Quality Assurance process to maintain our high delivery standards.

We initiated the project by setting up a meeting with the project team from fscom and the client where project objectives were discussed, a detailed project plan was reviewed and finalised, a project charter and key milestones developed, protocols signed off, governance and escalation structures communicated and existing policies and procedures reviewed. Potential key issues and risk areas were also discussed and controls agreed within this initial meeting.

The project delivery stage included working with internal stakeholders to transfer knowledge on the regulatory obligations and to prepare for authorisation and compilation of the application pack and submission to the client for review. Once reviewed and amendments carried out, the application was submitted to the FCA.

Assistance with post submission queries was completed and a closing meeting undertaken where deliverables were reviewed, client feedback requested and satisfaction recorded and all necessary documentation transferred to the client.

Results

We delivered the project on target and the application was processed by the FCA within three months and authorisation was successfully granted.