Authorisations

We work on all types of authorisations and registrations for Payment Services Firms. The MPAC Group is the provider of choice for firms wishing to launch and obtain authorisation for a new or more complex, difficult or innovative business strategy.

Our team is experienced, pragmatic, commercially minded and successful at being able to interpret correctly and therefore balance the clients and regulators requirements particularly in those cases for approvals that many others find too difficult.

Our record in this specific sector ranges from successfully obtaining the approval for one of the largest banks in North America to come to the UK and EEA, to establishing and implementing its operations for European Economic Area (EEA) passported and third country branches.

Whether you wish to establish an authorised branch or subsidiary, we can provide the services you require to achieve the optimum result.

Investment firms vary enormously, ranging from multilateral trading facilities, full service brokerages, high frequency proprietary traders, asset/wealth/hedge/ alternative fund managers to research houses, oil and energy market participants, financial advisers, fund promoters and financial advisors to name but a few. We work across the whole gamut of segments in this sector without restrictions.

For Banking, Investment, Insurance and other regulated businesses

Obtaining FCA authorisation can be a daunting process for anyone. We have many years of collective experience and success in this area. The majority of our staff have accumulated over twenty years experience in their fields of speciality.

Not only through leveraging the diversified skills of the team do we provide a high level of service, but certain critical aspects of our operating philosophy differentiate us from our competitors.

We stand out because we treat each client as a person with a business model which is unique to them, requiring a specific and bespoke service, rather than a process driven, one size fits all approach.

We understand the pressures you face. We therefore provide a totally flexible service – ranging from a full turnkey package to a minimum hands on guidance and managing package, whereby we provide support and overview to you.

Irrespective of which option you choose, you will have the same access to the collective experience of the team and enjoy the same levels of service.

For those companies coming to the UK which belong to a wider group, we will work very closely with you and your parent company teams to enable them to become familiar and comfortable with the environment they are entering. We assist clients to merge the parent company’s requirements and culture into those of the UK regulatory environment. Wherever possible, we like to create comparative group policies and procedures if possible. We are also well versed in assisting with consolidated and solo reporting requirements, and determining whether an applicant is part of a financial conglomerate or not, as well as any issues arising from these questions. For this reason, we are often the firm to whom people turn when they have specific business or regulatory issues that other advisers struggle to comprehend.

We have proven experience of carrying out various types of applications in this area, including the conversion of an existing regulated firm into a full banking/credit institution or applying for a variation of permission to obtain an authorisation to accept deposits. Such applications have also included the creation of EEA passported branches (either into or out of the UK) or for non EAA banks wishing to establish a branch or subsidiary in the UK/EEA. We can also include the establishment of representative offices (“rep offices”).

Bank authorisations are particularly complex requiring very detailed and extensive work to be conducted prior to submission to the FCA. This will include the financial projections and stress modelling, the liquidity stress tests and results, the deposit and treasury analysis etc. Our analysis and work in this area is supported by our partner actuarial practice who provide up to date and detailed statistical work on the tests. We also differentiate ourselves by providing this work rather than the advisory and guidance services more commonly provided by some of our competitors.

Finally, some firms conduct activities that are apparently part of the financial sector but due to various exemptions, they may not need to be regulated. In these circumstances we have provided advice as to what they must do so that they do not cross the line and need to be authorised. Or simply we answer the question of whether an entity or an individual should or should not be authorised!

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