FCA Authorisation and Qualifactions

[NewGuy123]

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

 

[jsc]

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.

 

[NewGuy123]

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.

 

[jsc]

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.