Newgate Compliance, the independent compliance consultancy firm co-founded by former FCA Regulators Martin Herriot and Aron Brown, has completed its first FCA application successfully without delays and beating all timing expectations.
The application was submitted on behalf of global investment firm Halcyon Commodities (UK) Limited. Completion of the process means Halcyon now have authorisation from the FCA to operate in the UK, from their London office.
Normally, the authorisation process takes six to nine months to complete, with applicants often waiting three months for a case officer to be appointed post-submission of the application. However, following first set of questions received from the FCA, Newgate Compliance completed the same process in just four weeks.
Newgate Compliance was launched earlier this year as an independent consultancy, offering bespoke compliance solutions to the global fund management industry. Application assistance and guiding clients through the authorisation process is part of the firm’s fully integrated compliance service.
The firm provides regulatory training, and ongoing counsel, as a guide through the ever changing regulatory climate in the UK. These additional services support the firm’s central offering, The GATEway. This is a comprehensive on-line compliance management tool which can simplify the implementation of complex compliance procedures.
Halcyon Commodities (UK) Limited focuses on providing a first class service broking futures and options linked to financial products to its global base of customers.
Commenting on the launch, Martin Herriot, Managing Director at Newgate Compliance said:
“Having only launched to market this year, we’re delighted to have completed our first successful application, especially with such a quick turnaround. This is a real milestone for the business, and we look forward to managing processes in an equally efficient manner for our clients in the coming months.
“The FCA application can be a particularly tricky path to navigate, and we can provide clients with the expertise and knowledge they need to gain authorisation in the UK in a very timely manner. Our background as regulators means clients have additional peace of mind, that we understand the process from both perspectives.”
Keiron Mathias, Director at Halcyon Commodities (UK) commented:
“With our offices in London up and ready to go, we’re delighted to have completed the process, having worked with Newgate Compliance towards authorisation over the past few months. We found the process relatively straight forward, thanks to the expertise Newgate Compliance had to offer. There were certain aspects of the application that initially seemed complex, but as ex-regulators, its second nature to the team at Newgate.”
