Cancelling FCA license. Who to send finance leads too?

[d3matt 0]

I've had enough of dealing with the FCA. Went through so many hoops trying to get the license, which then took them nearly a year to process due to Covid. Now get fined for not completing processes that don't exist on their terrible portal. Call them for help, fail security. Go around and around in circles. Ask to cancel - this takes 6 months! They are even worse than the DVLA to deal with. Frustrates me so much I'm throwing in the towel and not doing finance in house any more.
I've looked at The Compliance Guys, but their fees are too high as we do so little finance anyway.
So I'm going back to just passing finance leads to brokers. Are there any out there can work with that will pay a referral commission?

Edited October 15, 2021 by d3matt

[David Horgan 564]

2 hours ago, d3matt said:

I've had enough of dealing with the FCA. Went through so many hoops trying to get the license, which then took them nearly a year to process due to Covid. Now get fined for not completing processes that don't exist on their terrible portal. Call them for help, fail security. Go around and around in circles. Ask to cancel - this takes 6 months! They are even worse than the DVLA to deal with. Frustrates me so much I'm throwing in the towel and not doing finance in house any more.
I've looked at The Compliance Guys, but their fees are too high as we do so little finance anyway.
So I'm going back to just passing finance leads to brokers. Are there any out there can work with that will pay a referral commission?

You wont get a referral fee I doubt if your not FCA registered . 

Its Gabriel reports you haven't done , need doing if you do deals or not . 

Why you had the fine . 

Theres a portal you need to sign into , fill in the details of any finance activity your firm has done and submit it .

 

[MarkTVS 209]

5 hours ago, David Horgan said:

You wont get a referral fee I doubt if your not FCA registered . 

Its Gabriel reports you haven't done , need doing if you do deals or not . 

Why you had the fine . 

Theres a portal you need to sign into , fill in the details of any finance activity your firm has done and submit it .

 

The Gabriel reports are like pulling teeth, I made an arse of one a while ago but thankfully they called me. I managed to put down I had down 12 million pound of deals 

[David Horgan 564]

14 hours ago, MarkTVS said:

I managed to put down I had down 12 million pound of deals 

imagine what their charge for that would have been 

[SouthernTrader 20]

I use the compliance guys for £25 a month, I don’t do huge amounts of finance deals but I happily pay them that to not have to fill in those online Gabriel forms. Only need 1 deal a month to make it easily pay for itself.

In terms of brokers I think Octane Finance might be able to help you out if you cancel FCA but not 100% sure. 

[Huggins 17]

On 10/15/2021 at 2:43 PM, d3matt said:

I've had enough of dealing with the FCA. Went through so many hoops trying to get the license, which then took them nearly a year to process due to Covid. Now get fined for not completing processes that don't exist on their terrible portal. Call them for help, fail security. Go around and around in circles. Ask to cancel - this takes 6 months! They are even worse than the DVLA to deal with. Frustrates me so much I'm throwing in the towel and not doing finance in house any more.
I've looked at The Compliance Guys, but their fees are too high as we do so little finance anyway.
So I'm going back to just passing finance leads to brokers. Are there any out there can work with that will pay a referral commission?

Yes I got hit with a not insignificant fine of £250 for not confirming my address was still the same on the new "connect portal" it's not easy to navigate and at the end you have to search for a submit button after it looks like everything has been submitted. This has to be done every year. Surely a £250 fine for NOT notifying a change of address would make more sense, rather than having to confirm your address is the same every year.

I don't know many other organistions that could get away with such a large fine without first given written notification in form of an actual letter rather than relying on e-mails which get easily lost in busy inbox etc

[David Horgan 564]

On 10/29/2021 at 10:56 AM, Huggins said:

I don't know many other organistions that could get away with such a large fine without first given written notification in form of an actual letter rather than relying on e-mails which get easily lost in busy inbox etc

These are the very people WHO STATE we as traders /businesses MUST treat people FAIRLY too  .

we must tell customers we get coms , find customers cheaper deals , tell customers every thing , all the private stuff that was considered private at one time and rude to ask about . 

But the FCA can dish £250 fines for anything they choose . 

My daughter rang to ask about the complicated system they have , Some lady went through it all , Didnt tell us where the submit button was , £250 for thinking it was done , We went bat shite at them , not our fault was the reply , we stuck it out and they said " just this once they would not fine us " how f@@@@@g kind of them . 

Theiving gits 

[Huggins 17]

17 hours ago, David Horgan said:

These are the very people WHO STATE we as traders /businesses MUST treat people FAIRLY too  .

we must tell customers we get coms , find customers cheaper deals , tell customers every thing , all the private stuff that was considered private at one time and rude to ask about . 

But the FCA can dish £250 fines for anything they choose . 

My daughter rang to ask about the complicated system they have , Some lady went through it all , Didnt tell us where the submit button was , £250 for thinking it was done , We went bat shite at them , not our fault was the reply , we stuck it out and they said " just this once they would not fine us " how f@@@@@g kind of them . 

Theiving gits 

Yes exactly David. How long before you found out they would waive the fine for an innocent mistake on their horseshit system?