FCA (Financial Conduct Authority) regulates the financial services of over 56, 000 firms and industries in the UK. The aim is to increase the security of customers in the financial markets. It also promotes healthy competition and creates awareness among financial service providers. Also, the FCA ensures that customers only but a financial product that “fits their purpose” in terms of quality and longevity. Although the FCA works with HM Treasury, it operates independently of the UK government.
But what are the reasons for this accreditation?
- FCA authorization is required for any business in the UK
Inasmuch as you operate a business in the UK, FCA authorization is mandatory for your business (unless they can abide by the terms of exclusion or are exempt).
- Effective Challenge
The FCA authorization promotes a place of an effective challenge since the current practices will be decided by a variety of views. This authorization can bring out the best in your team, as they work together to look for potential solutions.
When the standards are high, it encourages performance and skill management. Since the FCA work to make the financial market work well for the consumers, businesses tend to focus on establishing, monitoring, and adhering to the FCA authorization.
The process of securing the FCA authorization can be quite challenging as it involves a series of processes. For this reason, the service of someone who has enormous years of experience in the financial industry is required. In recent years, there has been a rising demand for professional accountant services because they have the knowledge and expertise to manage regulatory risk.
SJPR Accountants have assisted so many firms in the UK. They have trusted accountants with clear knowledge about financing and can provide/analyze financial decisions throughout the business. Hiring SJPR Accountants will ensure that the process for authorization is taken care of legitimately and reliably.