The cost of hiring a compliance expert for a small firm to be able to seek advice on FCA compliance can be quite expensive and vary greatly depending on the exact requirements and the consultant’s experience.
How Consultants Structure Their Fees
Most FCA Compliance Consultants charge on a Hourly Rate (typically £150 to £350), a Day Rate (£600 to £1,500), a Fixed Fee for a project (e.g. for a Policy Review), or on a Monthly Retainer (for ongoing monitoring support).
What Pushes the Price Up
The cost of a full FCA authorisation application is far greater than that of a single policy review. Typical costs for FCA compliance for small firms can start at around £3,000 +VAT and can go up to £10,000 +VAT, depending on the complexity of the firm and the number of regulated activities they hold.
Solo Consultant or Consultancy Firm
A solo consultant will typically charge less for the same work than a larger compliance firm. However, the solo consultant’s capacity to complete work within a tight timeframe is enhanced when they work as part of a larger firm.
Before You Accept Any Quote
Check that you have been given a written scope of work and an estimate of the work to be completed in terms of hours or milestones. Also check what is excluded from the consultants work in order to obtain the best possible quote. It is also worth checking whether the individual or their firm have the correct permissions in place, you can check this using the FCA’s register to check a consultant’s FCA registration status.
When Cheaper Costs More
Getting key items incorrectly completed can result in significant longer term costs and problems in going back and forth with the FCA for example. If you want FCA Compliance Consultants, https://www.adempi.co.uk/ is a good place to start.
Getting a clear, itemized quote upfront for the work you need done is far and away the best way to avoid surprises and hidden fees down the line.