Faisal KhanAnswered Dec 11, 2012Regarding FSA & HM Revenue & Customs regulations - the answer is yes. If you are the principal, agent or sub-agent, you will be regulated if you are soliciting deposits, funds, loands and/or doing any form of money transfer, you will need to be FSA regulated (even if you argue you are providing a better UI), the fact still remains, you are the front-end of the call to solicit funds and/or do business, hence you would be regulated.
Answering your first question is it possible to mimmic what Simple has done in the UK. I certainly think so, the question is which financial institution would allow you to do so. Finding the right financial partner maybe your biggest challenge.
Answering your first question is it possible to mimmic what Simple has done in the UK. I certainly think so, the question is which financial institution would allow you to do so. Finding the right financial partner maybe your biggest challenge.