The application will help guide firms through the process of getting authorisation from the Financial Conduct Authority.
Getting FCA authorisation in the UK just got a little clearer for fintech firms.
Law firm Hogan Lovells has just launched a tool to guide startup firms through the authorisation process.
The application helps address the two biggest barriers for startups seeking authorisation, lack of expert knowledge and the high cost of applications.
The Hogan Lovells Engage: Authorisation Tool is free for fintech startup firms to give them an overview of the authorisation process. It also assess the company's status and preparedness and helps them identify what they need to get authorisation.
"The cost for fintechs to get FCA authorisation can be up to £200,000 especially when combined with uncertainty over the outcome,” said Steve Murphy, head of financial services regulatory consulting at Hogan Lovells. “Our Authorisation Tool aims to solve this problem, helping them understand the process, and offering competitively priced tailored support based on their business model."
The law firm has also launched other tools aimed at helping fintech firms navigate financial regulation requirements. The Hogan Lovells Regulatory Accelerator, launched in partnership with fintech association Innovate Finance, helps startups understand regulatory requirements from the FCA.
The two tools will help firms maneuver regulation, says Charlotte Crosswell, CEO at Innovate Finance.
“Combined with its Regulatory Accelerator, Hogan Lovells has created a valuable online tool that addresses this issue, thereby giving members and the wider fintech ecosystem the autonomy, knowledge and support to navigate regulatory processes more efficiently,” she said.
This story first appeared on www.roboadvicenews.com