Application process
GETTING AUTHORISED
Most firms providing financial services in the islands need to be authorized by us. The Financial Services Ordinance lays out the full range of financial activities that require authorisation.
How to get authorized
We welcome applications from potential new entrants to our markets, especially providers of consumer products that meet the needs of local consumers.
We adopt a structured approach to consideration of an application for authorization, as follows:
Stage 1. Business Model, Capital, Key Individuals
Stage 2. Risk Management Framework, Financial Crime, Corporate Governance, IT
Stage 3. Consumer Protection, Compliance Resources, Operational Resilience/Business Continuity
Authorization is therefore a sequenced process, and an applicant will not proceed to a subsequent stage unless it has met the requirements at each earlier stage.
We expect all applicants for authorization to take regulation seriously. This means that when you submit your application, we expect you to be ready, willing and organised to comply with our current rules and guidance on an ongoing basis, and any rules we introduce in the future.
We will consider how you interact with us during the authorisation process. We want to be confident that you'll be open and honest in all your dealings with us.
You must also have the necessary arrangements and supporting documentation in place to comply with regulations from the day you're authorised. We expect all documents to be final versions that have been reviewed thoroughly and appropriately signed off before you submit them.You should also consider seeking legal/compliance advice, and be ready to clearly articulate your regulatory obligations.
In most cases, provided that an applicant submits a complete and properly documented application, we will be able to provide a decision to you within 6 months.
Fees
An application for authorization must be accompanied by a non-refundable application fee.
In addition, each regulated firm must pay an annual licence fee to the FSRA. The amount of that fee is determined each year. In determining the amount of the fee, the FSRA has regard to a number of factors including the amount of resource that the FSRA needs to devote to supervision of the firm in question.