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Take the test

What do you need to do as a Principal firm authorised with the FCA
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01.

Are the firm’s permissions correct for the activities undertaken?


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Is the information held by the FCA up to date? For example, controller information, Senior Management and Certification staff details and firm details.


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If the firm has Appointed Representatives or Introducer Appointed Representatives, does the firm have adequate controls and oversight in place for onboarding and ongoing monitoring?


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Is the firm aware of, and can complete, the FCA returns accurately and on time?


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Has the firm identified the appropriate Senior Manager and Certification staff?


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Does the firm have procedures in place to comply with SM&CR? Including: Statement of Responsibilities being regularly reviewed, fitness and propriety assessments being undertaken?


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Does the firm have compliance policies and procedures?


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Does the firm have, and keep up to date, a regulatory business plan?


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Does the firm have an appropriate Compliance Monitoring Programme for the activities undertaken?


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Has the firm identified and effectively managed the risks associated with the business?


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Does the firm collect and regularly analyse management information?


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Is the sales process regularly reviewed to ensure that good customer outcomes are achieved and adequate records are maintained?


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Are regular checks undertaken to ensure that employees are adhering to the processes in place?


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Does the firm have an effective complaints handling process? (I.e. regulated complaints are identified, managed and investigated in line with FCA rules.)


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Has the firm identified any conflicts of interest within the business and mitigated these risks? For example, are staff remuneration, incentives and performance management plans regularly reviewed?


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Has the firm reviewed its approach to, and treatment of, vulnerable customers? In particular: the nature and scale of the drivers of vulnerability within the customer base?


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Is an appropriate sign-off process in place to ensure that financial promotions adhere to FCA rules, in particular those within CONC 3?


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Does the firm have adequate systems and controls in place to ensure that it meets the requirements of the SYSC sourcebook? Including: processes for financial crime management and all relevant policies


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Does the firm provide training to ensure that all staff understand the FCA regulatory environment as well as both the firm’s and individual’s regulatory responsibilities?


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