An unorganized set of documents can negatively affect the application of an FCA authorized firm and increase the amount of questions reviewers need to ask.
Name Files Consistently
For each document, rename the file to clearly state what the file is for. Include the section number of the relevant Application Section, a short description of the file and the version number of the file (e.g. Section4_BusinessPlan_v2_final.pdf).
Mirror the Connect Application Sections
FCA authorisation evidence for FCA application should be organised in a way that makes sense and is easily accessible. The folders and evidence should be arranged in a similar way to the Connect application, with for example governance evidence in one clearly labelled folder.
Build a Cover Index
A simple one page index listing all documents used in the application, with relevant information on each (i.e. Application Section supported, Document Name Used in Submission, etc.). Given that for FCA application requirements the regulator has stated what evidence is expected for FCA authorisation, it is then straightforward to create a mapping between expected FCA application requirements and the actual documents used to support such requirements.
Flag Pending Documents Clearly
If a document is not yet complete, please add a note to the file to explain what the document is and when it will be completed. A gap in the files with no explanation will most likely generate a query.
Version-Control Your Policies
Only keep the latest version of documents in the submission folder (labelled with ‘v_final’ or a date). All superseded versions of documents should be archived in a separate folder.
Run a Pre-Submission Sense-Check
Work through the Connect application sections and make sure that for each section there are relevant documents, correctly named and the most up to date version of them.
FCA Compliance Consultants is covered in more detail at https://www.adempi.co.uk/.
Submitting a tidy and well-labelled application makes for a smooth experience and approval in no time for the reviewers.
