Economy
How to Get FCA Authorization for Your Business: By Compliance Experts
Introduction
In the world of competitive and thriving markets, financial governance and clear regulations are essential. This helps protect the government and ensures to maintain reliability and trustworthiness.
As more businesses take the financial market, innovation can appear to prioritize other fundamental business considerations. The process can be too complex. Hence, many seek the help of professionals. This is where Financial Conduct Authority (FCA) compliance comes into the frame.
FCA compliance is a kind of reality check for businesses offering different financial services. It is responsible for regulating all the financial services in the UK.
This regulation helps the business with healthy competition in the market and increases the overall integrity of the financial services.
Today, we will discuss the FCA services and how you should prepare for FCA.
Who Need To Be FCA Approved?
While FCA is an important document to have, it is not necessary that every business will need one. Yes, every business can have one to solidify its credibility, but not every business will need one to operate.
Any business that intends to carry out activities specified by the Regulated Activities Order 2001 or Payment Service Regulation 2017 must obtain FCA.
Here are a few business operations that need to have FCA authorization. If your business has any one of them, then you would need FCA.
- Money institutions.
- Wholesale investment firms.
- Payment service institutions.
- Insurance intermediaries.
- Any financial services.
Generally, firms that are associated with regulated activities such as accepting deposits, issuing digital money, managing investments, or dealing in the trade market, need to be FCA authorized.
How Should You Prepare For FCA?
The FCA expects the firms to take the process seriously. They want companies to take into account that everything will meet the standard of FCA protocol. When a company applies for the FCA, FCA divides them into three categories.
- Ready
- Willing
- Organized
Ready
The FCA will consider an applicant READY if they have been preparing to submit the application. Here are the positive indicators you need to be aware of.
- Making inquiries of the FCA’s contact centre.
- Reading information from the FCA’s official website.
- Seeking legal compliance.
- Directing your regulatory obligations.
Willing
Once the phase of READY is offered, the FCA will consider the WILLINGNESS with these positive indicators.
- Being proactive in getting information on FCA.
- Be honest in your dealings with FCA.
- Demonstrating efforts to understand the FCA regulations.
- Availability of the staff to deal with inquiries.
Organized
The FCA considers you as ORGANIZED if you have prepared yourself with all the necessary documents for the applications. For instance, FCA might consider –
- The reason behind your application.
- What might act as a barrier to prevent you from doing what you have applied for?
- They see if you will be able to comply with the rules if you are authorized.
FCA’s Threshold Conditions
The FCA’s threshold conditions are set on a minimum requirement. If a business wants to be qualified for the FCA, it must meet these base minimums. Failing to meet these minimum requirements, your business will fail to achieve FCA.
The threshold conditions are as follows.
- Business model.
- Appropriate resources.
- Location of the office.
- Effective supervision.
- Suitability
After your application Is Submitted
After your application is submitted, FCA goes through the document to determine whether you meet the minimum requirement. The authorization is namely READY, WILLING, and ORGANIZED.
FCA expects the application to have all the necessary information about the business, business module, business operations, and everything to keep things transparent. This also helps the FCA determine the application and give consent.
After going through the application, if FCA feels like substantive changes need to be done, they can ask you to take back your application and make the necessary changes.
Finally, you must keep a close eye on your permission. The Financial Services Act 2021 allows FCA to modify your permission. This happens when FCA finds that you are not using your authorization properly or have diverted from out after getting the authorization.
So, avoid applying for the regulated activity that you won’t need. It will only add to your business complexities in the future. Instead, apply for FCA when you know everything about it.
How Long Does It Take To Obtain FCA?
The timeline for applying to the FCA and registration are set by the FCA. It is not a speedy process, as your business is evaluated on different levels. Depending on your business size, it can take six months or even a year.
So, instead of thinking about how to fasten the process, you must focus on preparing the right document and business modules.
Have queries? Drop them in the comment section. We will ensure every query is answered.
By Adedapo Adesanya
Nigerian businessman and chief executive of Dangote Industries Limited, Mr Aliko Dangote, has unveiled plans for a new phase of investments and acquisitions as the conglomerate pushes towards its target of generating $100 billion in annual revenue by 2030.
Mr Dangote disclosed this while receiving a delegation of senior executives from global investment banking and financial services firm Goldman Sachs, led by co-chief executive of Goldman Sachs International and Global Co-Head of Investment Banking, Mr Anthony Gutman, during a tour of the Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited complex in Lagos.
Speaking after the visit, Mr Dangote said the refinery and associated industrial facilities underscore the transformative impact of long-term investment in Africa, stressing that the group’s ambitions extend beyond its current strategic plan.
“No matter how we try to explain what we have built, you cannot fully appreciate it until you see it. But this is only the beginning. We need to look beyond 2030.
“The next phase of our journey will include new investments and acquisitions as we continue to scale the business,” he said.
He added that detailed internal modelling had reinforced management’s confidence that the Group’s target of generating $100 billion in annual revenue by 2030 was achievable.
According to him, the projections were based on conservative assumptions and had strengthened the company’s conviction to pursue an even more ambitious long-term growth strategy.
Mr Dangote also revealed that the strong participation of employees in the refinery’s recent private placement reflected growing internal confidence in the company’s long-term strategy and future prospects.
The Goldman Sachs delegation, after an extensive tour of the 700,000 barrels-per-day refinery, described the project as an extraordinary achievement.
“It is extraordinary what Mr Dangote and the whole organisation have achieved. The ambition, the scale of the project, the quality of the project and the culture of the people is very impressive,” the executives said.
According to a statement issued by Dangote Group on Friday, the delegation was led by Mr Anthony Gutman and included Mr Adib N. Zouein, Co-Head of EMEA Emerging Markets Regional Sales and Head of the Middle East and North Africa region for Global Banking & Markets Public; Mr Ryad Yousuf, Global Head of FICC Sales Strats and Structuring; and Mr Jimi Adesanya, Head of Sub-Saharan Africa Sales (excluding South Africa).
The visitors were received by Dangote; Group Vice President, Oil & Gas, Mr Devakumar Edwin; Managing Director and Chief Executive Officer of Dangote Petroleum Refinery & Petrochemicals, Mr David Bird; Group Executive Director, Oil & Gas, Ms Fatima Aliko Dangote; Chief of Staff to the President/CEO, Ibrahim Dikko; Group Chief Branding and Communication Officer, Mr Anthony Chiejina; Group Chief Economist, Mr Hassan Mahmud; Group Chief Strategy Officer, Mr Aliyu Suleiman; and Head of Administration, Dangote Petroleum Refinery & Petrochemicals, Mr Musa Bala, among other senior executives.
By Adedapo Adesanya
The Senate Public Accounts Committee has heard that Nigeria spent N1.16 trillion on fuel subsidy in 2021, while N1.20 trillion was deducted from federation crude oil sales proceeds during the same period.
The disclosure came from the Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Mr Mohammed Bello Shehu, during the committee’s ongoing investigation into the 2021 to 2023 Nigeria Extractive Industries Transparency Initiative (NEITI) audit reports on the oil and gas sector.
According to the commission, crude and petroleum product losses cost N16.2 billion, pipeline repairs accounted for N22.05 billion, while strategic stock holding attracted N6.75 billion.
The revelations come against the backdrop of Nigeria’s long-running fuel subsidy regime, which successive governments maintained to keep the pump price of petrol artificially low despite mounting fiscal pressures.
Over the years, subsidy payments consumed trillions of Naira, significantly reducing revenues available to the three tiers of government and contributing to widening budget deficits.
The issue reached a turning point in May 2023 when President Bola Tinubu announced the removal of fuel subsidy during his inauguration speech, declaring that “fuel subsidy is gone.” The decision followed years of concerns over the rising cost of the programme, allegations of fraud, and repeated recommendations by fiscal authorities and international financial institutions that the subsidy had become unsustainable.
The removal triggered a sharp increase in the pump price of Premium Motor Spirit (petrol), leading to higher transportation and living costs across the country. In response, the federal government introduced a series of palliative measures, including cash transfers, support for mass transit, and wage-related interventions, while arguing that savings from the subsidy would be redirected to infrastructure, education, healthcare, and other critical sectors of the economy.
The commission also argued that the current method of calculating the 13 per cent derivation fund undermines the constitutional intention of the policy.
Meanwhile, the committee stood down the Niger Delta Development Commission’s presentation until next Wednesday to allow lawmakers review its submission.
The committee also expressed displeasure over the absence of the Auditor-General of the Federation, warning that he must appear before lawmakers next Tuesday or face compulsory appearance through the constitutional powers of the National Assembly.
By Adedapo Adesanya
Businesses in the country expect the Naira to gradually appreciate against the US Dollar between now and January 2027, according to the Central Bank of Nigeria’s (CBN) July 2026 Business Expectations Survey Report released on Thursday.
The report showed that the Business Confidence Index (BCI) remained positive throughout the review period despite perceived macroeconomic challenges. It noted that all sectors expressed optimism about the economy, with the electricity, gas and water sector posting the highest Business Confidence Index of 59.4 points and the strongest expansion prospects for August 2026.
According to the report, “In July 2026, the Business Confidence Index was 5.7 points, reflecting continued optimistic sentiment among formal businesses.”
It attributed the positive sentiment mainly to increased demand (22.3 per cent), economic diversification (21.4 per cent), and improved access to finance (15.0 per cent). However, respondents identified inflation (27.7 per cent), energy-related challenges (23.4 per cent), insecurity (22.4 per cent), and heightened geopolitical uncertainties (16.5 per cent) as the major factors weighing on business confidence.
On the outlook by broad sector, the central bank said confidence remained positive across all sectors in July. The Industry sector recorded a modest improvement, with its index rising to 11.5 points from 10.5 points, while the Services sector increased to 3.6 points from 2.9 points.
By contrast, the Agriculture sector recorded a significant moderation, with its index falling to 3.4 points from 12.2 points.
Despite this, the apex bank said the six-month outlook remained upbeat, with confidence indices across all sectors indicating positive expectations over the review period.
On the macroeconomic outlook by region, the report noted a divergence in sentiment, with businesses in Northern Nigeria expressing stronger confidence than their Southern counterparts in July. Nevertheless, respondents across all regions maintained positive expectations for August.
