UK: License Application Prescreening

As a preliminary point, we would like to clarify that we receive many inquiries from parties interested in acquiring a license. Regrettably, we’ve observed a common misconception that the process entails merely tendering an application fee or demonstrating the required capital and consequently receiving a license. Please be informed that the landscape of financial service licensing has undergone profound changes, and such assumptions no longer hold.

Today’s stringent regulatory environment, particularly in financial services, has moved the goalposts considerably. Regulatory bodies are increasingly insisting if not outright demanding, that only those applicants who pass through the most rigorous evaluation processes are invited to apply for a license.

If you have taken the opportunity to peruse our FCA Advisory (available at: https://faisalkhan.com/solutions/licensing/uk-eu-spi-api-emi-license/public-advisory-current-landscape-and-considerations-for-licensing-applications-with-the-uks-financial-conduct-authority/), you will be aware that we have instituted a prescreening process for interested parties.

This prescreening process is a meticulous evaluation of various aspects pertinent to your application, which includes your background information, financial status, corporate structure, technology platform, compliance mechanisms, business plan, marketing strategies, sales approach, customer support framework, and comprehensive understanding of the specific industry in which you plan to operate.

Upon completion of this assessment, we will provide you with constructive feedback regarding the viability of your application, the likelihood of it being accepted by the FCA, and other crucial considerations.

Please be advised that participation in this prescreening process entails a fee of US$ 4,500. However, should you decide to proceed with the licensing application following the prescreening, this full amount will be credited towards our professional fees for the licensing service.

We believe this transparent and rigorous process ensures only the most prepared and suitable candidates apply, increasing the chances of success and ultimately leading to a healthier, more robust financial services ecosystem.

Thank you for your understanding, and we look forward to assisting you in your licensing journey.

This page was last updated on June 26, 2023.

Share with others...