Answers to the questions we hear most from fintechs and smaller financial services firms navigating FCA regulation.
Answers to the questions we hear most from fintechs and smaller financial services firms navigating FCA regulation.
Most firms carrying out regulated financial activities in the UK require FCA authorisation or registration. This includes payment services, e-money issuance, consumer credit, investment services, and insurance distribution. Clarionet Consulting can assess your business model and advise on the exact permissions you need before you apply.
FCA authorisation (under FSMA 2000) is required for firms conducting regulated activities such as investment services or consumer credit. FCA registration applies to payment institutions and e-money firms under the Payment Services Regulations and Electronic Money Regulations. Both involve FCA scrutiny of your business model, controls and key personnel. Clarionet Consulting advises on the right route for your firm.
Depending on the complexity, FCA approval typically takes between three to 12 months from the date of submission. Well prepared applications can move faster. Clarionet Consulting help you prepare applications to minimise delays with the regulator.
A Money Laundering Reporting Officer (MLRO) is a senior individual responsible for overseeing AML compliance and submitting SARs to the National Crime Agency. Most FCA-regulated firms within scope of the Money Laundering Regulations are required to appoint a nominated officer. Clarionet Consulting provides MLRO advisory and support for smaller firms.
A fractional MLRO is an experienced compliance professional who provides part-time MLRO services to smaller firms where a full-time appointment is not yet financially viable. They fulfil the same regulatory obligations as a full-time MLRO — overseeing your AML programme, maintaining your risk assessment, and handling SAR reporting — on a flexible, cost-effective basis. Clarionet Consulting offers fractional MLRO and Head of Compliance services tailored to your firm's size and stage.
A compliance retainer provides ongoing regulatory support on a monthly basis — covering policy reviews, regulatory change monitoring, compliance advisory, and access to expert guidance as your business evolves. It gives smaller firms consistent compliance oversight without the cost of a full-time hire, and can be scaled up or down as your needs change.
The FCA's Consumer Duty sets a higher standard of consumer protection across four areas: products & services, price & value, consumer understanding, and consumer support. It applies to most FCA-authorised firms in the retail distribution chain, regardless of size. We support Consumer Duty gap analysis, implementation, and outcomes monitoring.
A business-wide risk assessment (BWRA) is a core requirement under the Money Laundering Regulations. It requires firms to identify, assess and document the money laundering and terrorist financing risks specific to their business — covering customers, products, delivery channels and geographies. Clarionet Consulting helps firms develop proportionate, FCA-ready BWRAs that satisfy regulatory expectations.
Fees depend on scope and complexity. Clarionet Consulting offers fixed-fee project work, day-rate advisory, and monthly retainer arrangements — making expert compliance support accessible and cost-predictable. Contact us for a free initial consultation and indicative fee proposal with no obligation.