FSA Question

[TDIPLC]

I understand that there are strict FSA regulations for businesses regarding accepting deposits from the public.

I have a coonection to an enterprise that needs to accept deposits, the clients want to provide deposts, but of course the business does not want to fall foul for the FSA

Does anyone know what the regulations are, and if there is a legal way circumnavigation please?

Thanks - much appreciated

[scotal]

www.fsa.gov.uk would be a good start I think.

[bigbaddom]

If the deposits are to reserve goods then no FSA authorisation is required.
If the company however wants to act as a high street bank for example then FSA authorisation is required.

Hope this helps...
any more questions, I might be able to answer......

[tigger1]

If you're accepting large sums of money as a business you need to be awareof the money laundering reg's - not sure if tehy'd apply but worth a read anyway, as penalty for breach is time in clink (max 14 years?).

[wattsm666]

14 years at Her Majesty's pleasure is correct.......

[tigger1]

wattsm666 said:

14 years at Her Majesty's pleasure is correct.......

Sticks in the mind as the "Mrs" is forever going on about "oooh well, what with money laundering reg's and stuff...I've got to be careful about that blah blah".

Bloody solicitors!

[TDIPLC]

Thanks for your replies guys

[billsnemesis]

tigger1 said:

wattsm666 said:

14 years at Her Majesty's pleasure is correct.......

Sticks in the mind as the "Mrs" is forever going on about "oooh well, what with money laundering reg's and stuff...I've got to be careful about that blah blah".

Bloody solicitors!

Oi!

It's not our fault and you should see what we have to go through to get a new client on the books.

"Yes Mr Abramovich, we would love to have you as a client. We just need to ask how you made your money and check whether it was a legitimate business venture"

[teaman]

From memory accepting deposits means taking money with a view to using that to then provide loans/ mortgages etc. There clearly being a risk to both the lender - but more importantly the depositor. This is why Christms Clubs don't need authorisation.

Need to watch out for money laundering though - I suggest a conversation with the FSA if you have any doubts.