How Authorised Compliance Can Help You Stay FCA and PCI DSS Compliant

In today’s digital world, businesses that deal with payment services must adhere to a complex web of regulations to ensure the security of financial transactions and protect customer data. Two of the most important compliance requirements for businesses offering payment services are FCA authorisation and PCI DSS (Payment Card Industry Data Security Standard). Both are essential for ensuring that businesses meet the required standards for data protection, fraud prevention, and secure transactions.

Authorised Compliance is a leading consultancy that helps businesses navigate these compliance challenges, ensuring they stay aligned with both FCA regulations and PCI DSS standards. In this article, we will explore how Authorised Compliance can help you stay compliant, avoid penalties, and secure your payment processes.

What is FCA Authorisation?

The Financial Conduct Authority (FCA) is the regulatory body responsible for overseeing financial markets and businesses in the UK. FCA authorisation is mandatory for any business that engages in financial services activities, including credit broking, payment services, or offering investment advice. Businesses must apply for FCA authorisation to operate legally within the UK, and this authorisation is a critical step in ensuring that the business adheres to the FCA’s high standards of fairness, transparency, and security.

FCA Compliance Requirements Include:

  • Conducting business with integrity: Ensuring that all customer dealings are fair, transparent, and lawful.
  • Providing accurate financial promotions: Marketing should not mislead customers, and all terms should be clearly disclosed.
  • Affordability and suitability checks: Businesses must assess whether a product or service is appropriate for the customer.
  • Consumer protection: Businesses must protect the interests of their customers and handle complaints efficiently.

What is PCI DSS Compliance?

PCI DSS (Payment Card Industry Data Security Standard) is a global standard for businesses that handle credit card information. This set of security standards aims to protect cardholder data and prevent fraud, ensuring that payment card transactions are processed securely.

PCI DSS compliance is crucial for businesses that store, process, or transmit credit card information. Failing to meet PCI DSS standards can lead to data breaches, financial penalties, and reputational damage. PCI DSS focuses on protecting sensitive data by requiring businesses to implement specific security measures such as encryption, access control, and regular security testing.

Key PCI DSS Requirements Include:

  • Data encryption: Ensuring that sensitive cardholder data is encrypted both in transit and at rest.
  • Access control: Limiting access to payment data to authorised personnel only.
  • Regular security testing: Conducting vulnerability assessments and penetration testing to identify weaknesses in the system.
  • Monitoring and logging: Keeping track of all access to payment systems to detect and respond to security breaches quickly.

How Authorised Compliance Helps You Stay FCA Compliant

Authorised Compliance is a trusted partner for businesses that need to achieve and maintain FCA authorisation. The process of obtaining FCA authorisation can be complex, requiring a deep understanding of the regulations and a commitment to high standards of governance. Here’s how Authorised Compliance can help you:

1. FCA Authorisation Application Assistance

The process of applying for FCA authorisation involves preparing detailed documentation about your business model, governance structure, financial standing, and compliance systems. Authorised Compliance offers expert assistance in preparing and submitting your FCA application. This includes:

  • Business model reviews: Ensuring that your business model aligns with FCA requirements and identifying any potential issues that could delay approval.
  • Document preparation: Helping you compile the necessary documents, such as financial reports, business plans, and compliance policies.
  • Submission and follow-up: Ensuring that your application is complete and addressing any queries from the FCA during the approval process.

2. Compliance Framework Development

Once your business is authorised, you must maintain ongoing compliance with FCA regulations. Authorised Compliance helps businesses design and implement a robust compliance framework that ensures continuous adherence to FCA rules. This includes:

  • Compliance policies: Developing policies and procedures for areas like customer due diligence, risk management, and complaint handling.
  • Staff training: Ensuring your staff are well-versed in FCA regulations and understand their role in maintaining compliance.
  • Monitoring and reporting: Setting up systems to monitor compliance and report any issues to the FCA on time.

3. FCA Audit and Review Support

FCA requires businesses to undergo regular audits to ensure ongoing compliance. Authorised Compliance helps businesses prepare for FCA audits by conducting internal reviews and identifying any areas that may need improvement. Our consultants ensure that all your records, processes, and documentation are in order, so you are fully prepared for FCA scrutiny.

How Authorised Compliance Helps You Stay PCI DSS Compliant

Staying compliant with PCI DSS is just as important as FCA compliance, especially for businesses that handle credit card payments. Failure to meet PCI DSS standards can lead to data breaches, loss of customer trust, and significant fines. Authorised Compliance supports businesses in achieving and maintaining PCI DSS compliance in the following ways:

1. PCI DSS Readiness Assessment

Before you start implementing PCI DSS requirements, it’s essential to understand your current security posture. Authorised Compliance conducts a comprehensive PCI DSS readiness assessment to identify areas of non-compliance and provide recommendations for improvement. This includes:

  • System audits: Reviewing your payment systems, data storage methods, and security protocols.
  • Risk assessments: Identifying potential vulnerabilities and the likelihood of a security breach.
  • Compliance gap analysis: Determining which areas of PCI DSS your business currently meets and where improvements are needed.

2. Implementing PCI DSS Requirements

Once your business has completed a readiness assessment, Authorised Compliance assists with implementing the required PCI DSS controls. This includes:

  • Encryption and tokenisation: Ensuring that all sensitive cardholder data is encrypted both in transit and at rest.
  • Access control and authentication: Implementing robust systems to restrict access to sensitive data and ensure only authorised personnel can access it.
  • Monitoring and logging: Setting up systems to monitor and log all access to payment systems, helping detect any suspicious activity.

3. Ongoing PCI DSS Support

Achieving PCI DSS compliance is not a one-time event—it’s an ongoing process. Authorised Compliance offers ongoing support to help your business stay compliant with PCI DSS requirements. This includes:

  • Regular vulnerability assessments: Identifying and addressing any security vulnerabilities in your payment systems.
  • Penetration testing: Conducting simulated cyber-attacks to test your system’s defences.
  • Compliance reporting: Helping you maintain accurate records of your PCI DSS compliance efforts and submitting the necessary reports to the relevant authorities.

The Benefits of FCA and PCI DSS Compliance

Staying compliant with both FCA regulations and PCI DSS standards offers numerous benefits for businesses:

  • Protection from penalties: Compliance helps you avoid financial penalties and legal issues that could arise from non-compliance.
  • Enhanced customer trust: Demonstrating your commitment to security and fairness builds trust with your customers.
  • Better risk management: Compliance ensures that your business has systems in place to detect and mitigate risks early.
  • Competitive advantage: Businesses that prioritise compliance are seen as more reliable and secure, giving them an edge in the marketplace.

Conclusion

Navigating the complexities of FCA authorisation and PCI DSS compliance can be challenging, but with the help of Authorised Compliance, you can ensure that your business meets all regulatory requirements and maintains secure, compliant payment systems. Our expert consultants guide you through the application process, help you implement robust compliance frameworks, and provide ongoing support to ensure that your business remains compliant and secure.

By working with Authorised Compliance, you not only avoid costly penalties but also protect your customers and build a trustworthy reputation in the industry. Contact us today to learn how we can help your business stay FCA and PCI DSS compliant.

Contact us now!

Authorised Compliance Ltd is a company incorporated in England & Wales, with company registration number: 15833435.Our registered address is: The Motorworks, Chestergate, Macclesfield, England, SK11 6DU.We are not currently authorised or regulated by the Financial Conduct Authority (FCA).We are registered with the Information Commissioner’s Office under registration reference C1588780.

© 2025, Authorised Compliance Ltd.

Created by Sakura Creative