What permissions do I need to use Seccl?

To take on the additional responsibilities involved with operating a platform, your business will need to have both of the following permissions: arranging safeguarding and administration of assets; and Controlling not holding client money. 

It might be that you already have these permissions by virtue of your usual course of business (for example if you’re already a discretionary investment manager). Or it might be that you need to apply to the FCA to receive them.

How do I get the right permissions?

If you would like to operate your own platform but don’t have the required permissions, you essentially have two choices – you can either apply to the FCA to obtain them, or become an Appointed Representative of a firm that already holds them.

If you decide to apply for permissions, there's a further consideration to make – namely, whether you do so through your existing company, or a new one. Many may prefer to establish an entirely new corporate entity, to minimise the potential for conflict and help simplify their accounting. Applying for the relevant permissions in this case costs £5,000.

Alternatively, firms can apply for a Variation of Permissions for their current business – a path that will cost them £2,500.

In both cases, the FCA will make a decision to accept or reject your application within six months (provided it’s complete – otherwise it’s within 12 months). 

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