Application Process

Application Process

Will CILEx Regulation/CILEx provide advice on setting up my business?

Ans: We have given some general advice in the October 2014 Journal on the areas to consider and CILEx will be producing a new version of the start-up guide shortly.

I am thinking about setting up my own firm in the next year, so what should I be doing now?

Ans: We would recommend you have a look at the application forms, especially the checklists, to give you an idea of what you will need to put in place. The Compliance Manager role is a key one so make sure that you have the right skills now. That will give you a chance to go on appropriate courses and gain the experience you will need in practice and accounts management.

I want to get a practice right but don’t know if I want to work for myself or for another company. Can I still apply now?

Ans: Yes, but you will be asked to confirm how you wish to deliver the practice right when you are authorised. This will be part of our normal supervisory arrangements.

Ours is a long-established regulated firm. Do we have to supply all the information requested?

Ans: All applications will be assessed to exactly the same standards irrespective of how long the firm has been established. Therefore the same information is required in every case.

How long will the application process take?

Ans: We will review your application as soon as a fully completed application has been received. We aim to carry out the review within one month, which may be extended to three months if further information or a visit is required.

Why is regulation more expensive if I hold client money?

Ans: This reflects the greater risks associated with holding client monies. CILEx Regulation is working on an escrow arrangement and we will communicate more details as soon as they are available.

I have had disciplinary issues with regulators, do I have to declare these?

Ans: You will need to declare all instances of individual and business prior conduct as part of the application process. We put the matter to our investigation team, which considers the impact of the conduct on your application for authorisation by CILEx Regulation.

I have had disciplinary issues historically, how might this affect my application?

Ans: There will be instances when we decide that there is a need for a risk review visit to your entity at the outset as part of the engagement process to review your risk management procedures. This would apply in circumstances such as historic disciplinary issues or if operating in an area of established risk or we need to explore information you have provided.

The visit would enable us to better understand the risks of authorising your entity as well as the processes and procedures you have in place to manage risk. All visits will be at an additional cost to the application fee and details will be provided by CILEx Regulation at the time of first contact. See the Fees section of the website.

Once I have submitted my application what will happen?

Ans: The entity team will contact you to make sure we have all the required information and supporting documents and help you fill any gaps that there may be in the application process. Once they have all the required information, then your application will be assessed.