FCA Compliance

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Posts posted by FCA Compliance

  1. Posted

    On 3/19/2019 at 2:27 PM, SteveG said:

    Hi

    been reading this forum for a wee while and bought the guide. A bit about me..

    46 live near Glasgow, work in Mergers & Acquisitions and have made good money..Travelling a lot and working really long hours. I have a passion for cars and have a nice personal fleet, active in a couple of owner club circles, Porsche and Focus RS.

    My car sales experience was for 4 years whilst I was at Uni. My uncle was GM in  a Ford franchise and I used to work weekends in sales, prep etc and then over the summer months off uni and he gave me good work experience in sales as I essentially covered for the married sales guys who were taking time off for holidays. The money was decent as a kid and I got a buzz out of selling and seeing folk drive off happy.

    Im now in the position where given my M&A experience I am about to take up 3 Non exec director roles that calls on 5 days a month of my time but pay really, really  well. My father recently died and I'm at a point of inflection in life. Spoke to my uncle who is now retired and he says if you want to go for it do it right.....

    There are a couple of units available nearby c3000 sq feet for circa £1400 per month and I'd like to specialise in cars that I know well. Fiesta St, focus st/rs, Porsche (have owned quite a few). I'm not afraid to take a risk and have c£300k available to start up, fit out and buy stock. I have in my head a target of 15 cars a month and having sold recently a couple of focus st / rs I know what you need to do mechanically to get them prepped.

    My thoughts are for staffing me, a nephew who is a car nut and just graduated from uni, he's great at digital media and has got himself trained up in car detailing. My uncle is recently semi retired and is a qualified mech and auto electrician. He does a couple of homers a week to keep his hand in and would be happy to do mech prep as he enjoys working on fast fords. My son would like to join when he leaves school in 18 months. He does not fancy university ad would like to work in the industry

    I would not be making any major drawings out of the business as would be living off my non exec fees, keen to do this to create an enterprise that offers well prepped cars cosmetically and mechanically and build a reputation as a specialist in fast ford, hot hatches and a few porsches. I don't think I will have a problem selling its buying where the skill will be and active in owners club may give some advantage but probably will find this part the most challenging

    My first question is am I mad to even contemplate this?? I I know the stock can hang around for a wee while but I will have zero debt to anybody so not scared and another income source, I'd like to offer finance also so would need to get approved, how long has it taken anybody as a start up to get to  a position where they are offering finance?

    Thanks for taking the time to read and all advice welcome

    Good luck... The only against you is that you don't need it to work to pay your bills but hopefully the successful mindset that you have obviously enjoyed to date will compensate for that...

  2. Posted

    Not sure where you are based but if you google social media trainers/gurus, somebody should pop up. There were 2 in my area, one charged £150 for a 3 hour training session, the other £300... I know a few have used both and all have sung their praises. There are also a few online who charge a fee and send a manual to teach yourself

  3. Posted · Edited by James Baggott
    No self promotion for businesses allowed

    7 hours ago, trade vet said:

    If you had checked out the dealers in the motor trader article you have hilighted,you would have seen they were either dissolved,dormant or insolvent and in one case they were a website builder and not a car dealer.So I am afraid that has blown your credibility,so maybe you should try and promote yourselves elswhere !.........Good Luck.

    I'd imagine they would be dormant or dissolved now!

    With regards to my credibility, you should try me! 

     

  4. Posted · Edited by Becca Chaplin
    We don't allow outbound links.

    18 hours ago, Alfie walker said:

    I've recently registerd with the fca and took about 3 n half weeks, I havnt paid the fees yet though apart from the £100 to submit the form. What does everyone pay a year?

    Depends on finance commission, here is the FCA calculator

  5. Posted · Edited by James Baggott
    No outbound links

    On 12 August 2017 at 7:30 PM, betginge said:

    Don't eat spam on the weekend sorry 

    I am sorry that you construed my comment to be spam, I was simply stating what I know from experience.

    In most cases, there was no requirement to include your business plan within your application but you did confirm that you had one in place. The FCA can request this at any time.

    A number of dealers have already lost their FCA accreditation due to lack of compliance

    Every car dealer and any other business who provides consumer credit should read the FCA website for updates, on a regular basis.

    Latter half of 2017, 2018 will see enormous change with regards to those who provide consumer credit to their customers.

  7. Posted

    On ‎12‎/‎11‎/‎2016 at 3:06 PM, betginge said:

    Hi Guys

    Putting in for my FCA application for new Subprime site starting in the new year (fingers Crossed)

    My question is  

    On the Limited permission FCA application it asks for a business plan which may be asked for but is not required to be sent with the application. 

    Have anyone been asked for this plan ? I don't want to start putting together a plan for it not to be even asked for. 

    Now that the initial swathe of dealers are FCA approved, those case officers are being re-deployed to check dealers have the compliant paperwork e.g. business plan, staff structure et cetera.

  8. Posted

    On ‎07‎/‎08‎/‎2017 at 7:06 PM, Alfie walker said:

    Hello everyone, I'm currently in the process of waiting to hear back from the fca to register with them. I was told that they can knock you back! So I was wondering if anyone on here has had a knock back from them and if so what for and how did you get around it? Thanks Alfie 

    I have submitted over 200 for car dealers, furniture retailers et cetera without fail. You must answer all the questions truthfully. I have done them for previous bankrupts and those with criminal records successfully.

  9. Posted

    On ‎07‎/‎08‎/‎2017 at 3:42 PM, U Car Finance said:

    Getting FCA approved is a long wait and denying customers always put you at the risk of bad reviews. There are however some brokers who may be able to help. We, at U Car Finance understand the situation you are in and as a online broker, we may be able to help. Give us a call or email us. All our information is on our website,

     

     

    I have submitted over 200 FCA  applications in the last couple of years. I had one that took about 6 months but the rest were approved within 6 weeks, all successful by the way. I am sure there will be some brokers who will still deal with non approved dealers but an easier way is to get the customer to do an online personal loan application. Many will email them paperwork to sign and some even use esign.