Getting FCA Authorised: A Guide for E-commerce Retailers
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Getting FCA Authorised: A Guide for E-commerce Retailers
If you're an ecommerce retailer in the UK looking to offer flexible payment plans to boost sales – getting FCA authorised is often a key step. But where do you start?
Read through this quick guide to demystify the process and see how FinMatch can help your business grow.
Why get Authorised?
To legally offer customer payment plans longer than 12 months with an APR above 0%, FCA authorisation is mandatory. This unlocks consumer credit options that can increase your average order value and customer loyalty, which is essential for retailers selling medium-to-high-value goods.
How much does it cost?
When getting authorised, expect two main expenses:
- FCA application fee: £550 for a typical ecommerce retailer.
- Professional assistance: Many firms hire experts to navigate the application. At FinMatch, our FCA Assist service is £1,249.
Budget around £3,000 to cover contingencies and ensure a smooth process.
How long does it take?
Timelines vary based on your business complexity, FCA workload, and how quickly you respond. It's possible to achieve authorisation in as little as 8 weeks, though it can take longer. Partnering with the right advisor streamlines the process and accelerates approval.
Becoming an Appointed Representative
As an alternative to direct authorisation, you can operate under an already-authorised firm's umbrella (if they have the right permissions). Some lenders and brokers provide this. This means you are categorised by the FCA as an Appointed Representative (or AR/IAR). It's a solid interim option, but watch for trade-offs: often limited to one lender and requiring approvals on marketing.
What's the Success Rate?
Over 60,000 firms are FCA-authorised, from startups to established giants. Flat-out rejections are rare if you follow the process, respond promptly, and understand the FCA's requirements. At FinMatch, our clients enjoy a >90% approval rate – proof that with expert guidance, authorisation is achievable for e-commerce retailers.
