A financial or e-wallet license is an authorization provided for firms seeking to secure their regulatory licenses. The Financial Conduct Authority are in charge of licensing application and approval. Without the FCA regulation, no firms or financial company can conduct financial activities and make credit available to customers.
Regulated financial activities As specified by the FCA, regulated financial activities include: investment dealings, either buying or selling; investment deals arrangement; investment management; accepting of deposits; asset administration and safekeeping; investment advise; dealings with bonds, government bonds, debentures, loans, etc; insurance contracts dealings, and many other things.
Authorized consumer credit on the other hand are; lending money; selling on credit; collective debts; issuing credit cards; giving advise on debt and credit problems; offering higher purchase terms and conditions; arrangement of credit to consumers, and so on.
A financial provider without an approved financial license will not be able to practice in the finance industry, nor manage finances for clients. Been a very sensitive industry, the finance industry is governed by serious regulations and this is quite likable with the kind of people in the industry. Thus, a financial license is one major credential that a state mad compulsory that financial providers must have.
There are different types of financial profession and each of them may require a different type of license. So, it is important to apply for the right financial license or e-wallet license that suit the financial service you provide. Financial providers are also required to write and pass one or more exams before they can be authorized. This is to test their financial knowledge.
Having an approved financial license or e-wallet license means the holder has agreed to every terms and conditions rules and regulations that is guiding the industry and have agreed to offer a fair services to the customers without incurring losses for them.
However, anyone found guilty of any violation of the abiding laws will be stripe of the license. May be taken to court, fined, depending on how serious the offense is. Hence, it is good to be of high standard and hold true to the license one has.
Thus, having a financial license gives financial service providers the right to operate and conduct financial services freely and fairly. FCA licensing is a must have for every finance professional.
Regulated financial activities As specified by the FCA, regulated financial activities include: investment dealings, either buying or selling; investment deals arrangement; investment management; accepting of deposits; asset administration and safekeeping; investment advise; dealings with bonds, government bonds, debentures, loans, etc; insurance contracts dealings, and many other things.
Authorized consumer credit on the other hand are; lending money; selling on credit; collective debts; issuing credit cards; giving advise on debt and credit problems; offering higher purchase terms and conditions; arrangement of credit to consumers, and so on.
A financial provider without an approved financial license will not be able to practice in the finance industry, nor manage finances for clients. Been a very sensitive industry, the finance industry is governed by serious regulations and this is quite likable with the kind of people in the industry. Thus, a financial license is one major credential that a state mad compulsory that financial providers must have.
There are different types of financial profession and each of them may require a different type of license. So, it is important to apply for the right financial license or e-wallet license that suit the financial service you provide. Financial providers are also required to write and pass one or more exams before they can be authorized. This is to test their financial knowledge.
Having an approved financial license or e-wallet license means the holder has agreed to every terms and conditions rules and regulations that is guiding the industry and have agreed to offer a fair services to the customers without incurring losses for them.
However, anyone found guilty of any violation of the abiding laws will be stripe of the license. May be taken to court, fined, depending on how serious the offense is. Hence, it is good to be of high standard and hold true to the license one has.
Thus, having a financial license gives financial service providers the right to operate and conduct financial services freely and fairly. FCA licensing is a must have for every finance professional.
About the Author:
Ed Haem is a good writer with the wide access of the financial market and online banking software. The author has written quite a number of articles on the financial market and internet banking system.
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