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Alex J.
Alex J., Solicitor
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Experience:  Solicitors 2 years plus PQE
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I am in the process of applying for a Financial Conduct Authority

Customer Question

I am in the process of applying for a Financial Conduct Authority license on behalf of the company of which I am an appointed officer and within the application, there is a section relating to criminal offences which asks if I have ever been cautioned for any criminal offence.
I received a caution approximately 2 years ago for possession of a Class A substance and I would like to know if this is applicable please?
Submitted: 2 years ago.
Category: Law
Expert:  Alex J. replied 2 years ago.
Hi,
Thank you for your question and welcome.
My name is ***** ***** I will assist you.
I am afraid you would have to disclose an unspent caution in most circumstances. If you look at the FCA guidance and FIT test http://fshandbook.info/FS/html/FCA/FIT/2/1 it is pretty clear that you have to be honest in all regulatory proceedings and your dealings with the FCA.
If you are filling in Form A - this chart will tell you whether you should disclose it or not - https://www.fca.org.uk/static/documents/disclosures-cautions-convictions-in-form-a.pdf
It does tend to be crimes of dishonesty that create an absolute bar to authorisation, so I would not be too concerned about it - ultimately being co operative with the process and regulator is what they want to see.
Kind regards
AJ
Alex J., Solicitor
Category: Law
Satisfied Customers: 3557
Experience: Solicitors 2 years plus PQE
Alex J. and other Law Specialists are ready to help you
Customer: replied 2 years ago.

Hi AJ,

Thank you for coming back to me so promptly, much appreciated.

I note your comments particularly relating to Form A.

I just worry that they will still take a dim view of the nature of the offence?

Kind regards,

David

Expert:  Alex J. replied 2 years ago.
Hi,
Thank you.
The main issue that is likely to affect it is the length of time since the offence. Character references and co operation with the process are much more likely to lead to a succesful application.
They will take a much dimmer view if you have deliberately tried to conceal the caution.
Just to to confirm is it Form A you are filling out?
Kind regards
AJ
Customer: replied 2 years ago.

Hi AJ,

Apologies in not getting back to you sooner - Yes, it is Form A which is required by the FCA.

Kind regards,

David

Expert:  Alex J. replied 2 years ago.
Hi,
Thank you.
Do you have to be the authorised person. Is there any way you could outsource the authorisation until a few more years have passed and then resist the application. You can then initially as a consultant and use your experience and good character to make an application at a later date? Just as an alternative suggestion to think about?
Kind regards
AJ
Customer: replied 2 years ago.

Hi AJ,

That's a very good point, thank you.

I was going to ask the FCA whether it needed to be myself (due to my position as MD) or alternatively, whether a Senior Manager within the company would be suitable to them.

Otherwise, outsourcing the position would be a the way to go.

Thanks again!

Kind regards,

David

Expert:  Alex J. replied 2 years ago.
Hi,
No problem.
I wish you the best of luck.
Please do not hesitate to contact me if I can assist any further.
Kind regards
AJ
Customer: replied 2 years ago.

Thanks AJ,

You've been really helpful, much appreciated!

Kind regards,

David

Expert:  Alex J. replied 2 years ago.
Thank you very much.
Kind regards
AJ

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