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Found 7 results

  1. Hi, Been trading around 6 months, keen to apply for FCA asap, wondering if anyone could help answer a few questions. I believe Limited Permission is the way to go but the application fee is £100 for under 50k of consumer credit, £500 for over. Is this 50k annually? And this is 50k sold in credit NOT profit made? Also are there any restrictions on how long you have been trading? Unsure if you had to provide a years worth of books etc? Any other tips / advice / "idiots guide to" would be great as looking to apply myself to save on costs! Thanks!
  2. Hi All, After working myself up for month's about submitting our FCA application I finally did it last Tuesday (22nd). With some guidance notes from a local finance rep it was relatively straight forward and painless. I set myself up to be waiting a month or two at least before receiving approval so I was astounded to see the email today saying we're good to go, less than a week from submission!! Few questions now if you can help / don't mind sharing - for anyone that doesn't want information public but is happy to help, please pm me What finance companies are you mainly using for prime and sub-prime? What sort of average commission should I be expecting from 4-7k stock? Appreciate that will vary depending on amount of business being put through but would be good to see some indication for someone very new to the industry. Thanks in advance -Kelly-
  3. Received my FCA authorisation by email today. Can’t believe I didn’t get this done sooner but I was always put off by how complicated people said it was and that it would cost around £1,000 for someone to help me with the application. Was contacted out of the blue through Autotrader by a guy claiming to be an expert with FCA applications and could do my application for £350. I was sceptical at first but he offered to come to my site and meet face to face. He completed the application with me which took about an hour and a half and provided me with all the documents that are also needed (compliance, money laundering etc). He said that it would take 2 - 6 weeks for my licence to come through even though the FCA states that they take 6 months. My licence has come through bang on after 2 weeks. Close Brothers are booked in to come and set me up later this week. Can’t wait to get started.
  4. 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
  5. Hi Guys I am new to the forum. After a long break, I have restarted car trading and have been in the business for 4 months. I am looking for some advice to help arrange finance for my customers. I have had a number of buyers who are interested in purchasing my cars using finance but we are unable to provide as I am not FCA registered. I have lost a number of potential customers for my cars. Is there a way around this? For example, through using a third party broker to arrange the finance? I’m in the process of registering a FCA license. This will take a few weeks. My cars are generally advertised as the cheapest for the model as we target a quick turnaround Would appreciate any guidance or support Thanks
  6. Confused? Well we are! So the FCA decided back in June this year that they would take out the 4 day rule for selling GAP product to customers, the reason? oh thats right to make it an even playing field for online GAP sellers and give customers a better choice and to Treat them Fairly! So, 4 days thats easy! Present the product on Monday, no action taken on Tuesday or Wednesday, then registration of GAP and invoicing on Thursday! EASY! Well actually it means that there has to be 2 clear days between Presentation and registration/invoicing! Ok, when I went to school 2 days = 48 hours, this would mean if I presented GAP to a customer at 9am on Monday morning, I should be able to register and invoice the product on 9.01am on Wednesday as 48 hours has passed, YES or NO? Nobody knows! Crazy. The next thing is the customer can if they really want GAP, they can over rule this 4day rule and ask you to register it 'the next day' after the presentation, so back to the showroom 7.00pm Monday presentation, back in the showroom 7.00am Tuesday, can I register & invoice it then? Strictly speaking its 'next day' but only 12 hours! Now this is not the only confusion with FCA, one of our Dealer Only Forum members has been asked to carry out his first annual finance report through Gabriel, only for one month trading crazily enough and you would think easy enough, but look at the 6 questions, I would like each of you to answer these questions as your interpret them, don't ask anyone your view only. 1 Revenue from credit-related regulated activities 2 Total revenue (including from activities other than credit- related regulated activities) 3 Number of transactions involving credit-related regulated activities in reporting period 4 Number of complaints related to credit-related regulated activities received in period 5 Credit-related regulated activity carried out in relation to the greatest number of customers in reporting period 6 Total annual income as defined in FEES 4 Annex 11BR for the purpose of FCA fees reporting Answers by reply, thank you!