I wouldn't worry about the FSA, they're basically useless. Just look at how effective they've been over the past few years. They are though pretty good at having meetings, creating paperwork and thinking themselves very important.
Ultimately though they're really onlu interested in people who have access to their clients capital, ie can steal it. So if the client controls the account, and the money coming in/out, you won't appear on their radar.
But assume you do. What do you think they're going to do, send a swat team round to your office/house? No, all they'll do is say 'get authorised or stop what you're doing'.