11
MAY
2015

FCA Connect Variation of Permission problems

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To alter a firm’s permission profile the relatively new FCA Connect system needs to be used. This has worked well until a month or so ago when any variation submitted for a firm that had ‘dealing as principal’ in their profile, whether qualified by a limitation or not, threw up the following message:
‘Dealing in investments as principal’ can only be selected if the regulated activity ‘Entering into a regulated mortgage contract as lender’ is also selected. 
This happened whether the firm was involved in mortgages or not. The standard FCA response from their help line was ‘send in a screen shot’. They must have had quite a few dozen of these by now. Their latest answer is the FCA Connect ‘glitch’ will definitely be fixed by Thursday – so try again on Friday morning. We have had several assurances from the FCA that this would be fixed/is now fine, so we await with baited breath. Apparently the software update for the Connect system are outsourced. I would hope that they have applied the same requirements to their outsourcers, which are surely key outsourcers, as they make regulated firms apply to theirs. Fingers crossed for Friday.
About the Author
Blogs are generated by the staff of Pragmatic Compliance Solutions who have had regulatory experience of over thirty years each. Compliance started with the AFBD back in 1987 and both the compliance experts that run Pragmatic Compliance Solutions were well into their careers by then. They have watched compliance develop from a time when insider dealing was acceptable, to the current state of virtually total control. A whole new industry has evolved in this period of change to safeguard the clients and the financial system. Pragmatic Compliance Solutions has become aware that the regulations are now so complex, it is difficult to find one service provider with all the answers, let along cost effective answers. Hence the company was born.

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