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.
Financial Activities and Consumer Credit: What are they? According to the FCA, financial activities include the following: buying or selling of investment; investment deals arrangement; investment management; accepting of deposits; asset administration and safekeeping; investment advise; dealings with bonds, gen bonds, debentures, loans; insurance contract, etc.
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.
As a financial provider, without a financial license or e-waller license, you will be unable to conduct business, manage finances on behalf of clients, and so on. The finance industry is a very complicated sector which needs strict regulations, thus, this is expected considering the high standard of people who work in the industry. Having a financial license is one of the numerous requirements a state has in place for the financial providers in the state or the country.
Financial professions are of various types and each types may require different kind of licenses to operate. This is why it is important to apply for the right financial license or e-wallet license that is made for the kind of financial service you wish to render for the public. Financial providers are made compulsory to write qualifying exams before they can be approved as financial providers. This is done to test how good and intelligent they are.
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.
In addition, any violation of these rules may result to license cancellation, restrictions and so on. Offenders may also be taken to court or fined. It is better to obey the rules and provide a fair service to customers.
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.
Financial Activities and Consumer Credit: What are they? According to the FCA, financial activities include the following: buying or selling of investment; investment deals arrangement; investment management; accepting of deposits; asset administration and safekeeping; investment advise; dealings with bonds, gen bonds, debentures, loans; insurance contract, etc.
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.
As a financial provider, without a financial license or e-waller license, you will be unable to conduct business, manage finances on behalf of clients, and so on. The finance industry is a very complicated sector which needs strict regulations, thus, this is expected considering the high standard of people who work in the industry. Having a financial license is one of the numerous requirements a state has in place for the financial providers in the state or the country.
Financial professions are of various types and each types may require different kind of licenses to operate. This is why it is important to apply for the right financial license or e-wallet license that is made for the kind of financial service you wish to render for the public. Financial providers are made compulsory to write qualifying exams before they can be approved as financial providers. This is done to test how good and intelligent they are.
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.
In addition, any violation of these rules may result to license cancellation, restrictions and so on. Offenders may also be taken to court or fined. It is better to obey the rules and provide a fair service to customers.
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 knowledge 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.. This article, Financial License, E-Wallet License: What Are The Benefits? is released under a creative commons attribution license.