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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 according to the FCA licensing include; 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, etc.
A financial company without the financial license or e-wallet license cannot operate or be in charge of consumer finances. The fact that the finance industry is such a very sensitive industry, it calls for serious rules and regulations. This is why a financial licensing is important and considering the kind of people that works in the industry. A financial license is one of the several requirements a state or a country made compulsory for every financial provider operating in the state or 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 a financial license or e-wallet license means that you are agreeing to hold true to the law guiding the profession and not go against any of it, nor put your client in loss and jeopardy. You are agreeing to provide fair services and not to take advantage of the money at your disposal or scam your clients.
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.
An approved financial license is an authorization to conduct financial services to clients. Thus, FCA licensing is mad compulsory for every financial company.
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 according to the FCA licensing include; 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, etc.
A financial company without the financial license or e-wallet license cannot operate or be in charge of consumer finances. The fact that the finance industry is such a very sensitive industry, it calls for serious rules and regulations. This is why a financial licensing is important and considering the kind of people that works in the industry. A financial license is one of the several requirements a state or a country made compulsory for every financial provider operating in the state or 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 a financial license or e-wallet license means that you are agreeing to hold true to the law guiding the profession and not go against any of it, nor put your client in loss and jeopardy. You are agreeing to provide fair services and not to take advantage of the money at your disposal or scam your clients.
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.
An approved financial license is an authorization to conduct financial services to clients. Thus, FCA licensing is mad compulsory for every financial company.
About the Author:
Ed Haem is a professional writer with the wide knowledge of the financial world and online banking software. The author has written quite a number of articles on the financial world and internet banking system.. Free reprint available from: Financial License, E-Wallet License: Why Are They Necessary?.
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