There are a number of different crowdfunding business models. Two require FCA regulation: investment-based crowdfunding and loan-based crowdfunding (peer-to-peer lending), of which the latter is a consumer credit activity. The FCA takes over regulation of consumer credit from the Office of Fair Trading (OFT) in April 2014. More information on this can be found at: http://www.fca.org.uk/news/the-financial-conduct-authority-outlines-how-it-will-regulate-crowdfunding
The FCA have not published firm guidelines or timelines for the full authorisation process as of yet but they are consulting with parties around the consultation paper 'CP13/13', which can be found at: http://www.fca.org.uk/your-fca/documents/consultation-papers/cp13-13
We have reviewed the paper and feel comfortable that we are well placed to meet their requirements. Our compliance director, Ian Crocker, has many years experience in working in a FSA (FCA) regulated environment. He is currently liasing with our legal team at JMW Solicitors and is currently working on our application. The UKCFA (UK Crowdfunding Association), of which we are members, are also in talks with the FCA and hold regular roundtable meetings with them and platform operators to gain a better understanding of the implications of the proposed FCA regulation.
More information on this subject can be found on the FCA website: http://www.fca.org.uk/
Please email us at firstname.lastname@example.org if you have any questions and one of the team will be happy to assist.
The Funding Empire Team