FCA Authorisation and Qualifactions

Hello everyone,

Thought I would sign up hear to ask a few questions and answer a few.

I have been a securities trader for a number of years with one of the big firms and I now setting out on a new adventure.

I am in the process of setting up my own firm, which, without giving too much away, basically sells a product which offers up to x% return. B2B only. The product is composed of numerous financial products.

As I was a trader before this venture, I never really looked into FCA regulation, I knew what I could and couldn't do but they were based on the firms guide not directly from the FCA.

I know I will need to be FCA authorised, (will get an agent to take care of this), but do I need any other qualification (IMC etc.) to be allowed to commence business? I have a uni degree in the sciences but other than that nothing in the way of formal qualification, other than a great deal of lines on my forehead.

Thanks

You cannot trade on a discretionary basis with less than level 6 which is chartered status. If you have been working as a broker then you must be Diploma qualified (level 4), in which case you can take the level 6 CISI Certificate in Private Client Advice & Management which will enable you to trade on a discretionary basis. It's about 200 hours study and a 3 hour written narrative exam involving questions, case studies and a choice of essay questions and covering every aspect of investments as well as related wealth management products such as protection products, trusts and pensions.

Hmm, this could be an issue. Is there any way around this, legally of course? I quite simple do not have the time to do yet more exams.

Given that the products we sell are a structured product composed of hundreds of components, is it possible to simple offer customers the ability to purchase and not advise them as a way of overcoming the requirement you mentioned.

Need more detail, not sure what you are doing. Is it a fund or a fund of funds type investment that you want to set up? PM if you want.