FSA Credit Licence Help

[betginge 73]

Hi All

As mentioned in my last Thread I am looking to move into the dirty world of Subprime Finance and Vehicle Finance In General. 

I have some questions over FSA and applying for the credit licence.  

1) I currently have a premises, which is my garage mot business where i place a small selection of vehicles outside, However I want to get a bigger premises say a another Unit with good outside space or just even a good old pitch.   My question is Can i Apply for the FSA licence before I have the new premises, am I able to apply for the licence at our current business address registered in the new business name and update them when I find the right place. ??

2) which is linked to the 1st question, how long does it take for the FSA process to go through, I have heard 6 weeks from some and 6 months from others.

3) is there anything i should be aware about or personal experience from dealers here with the FCA, How is the process and dealing with the FCA in general, I already deal with one government department being the DVSA for my mot business and they are difficult to say the least, but we manage them and have kept on the right side. 

 

Many thanks 

 

Lee

 

 

[SC Derby 259]

I got my approval on Thursday last week and it took 17 days from application submission 

 

which I thought was incredibly fast

[whitestone679231 113]

I have always been a little cautious about dealing with govt bodies but must say when I was struggling with my FCA I rang them and they were very helpful, I would say give them a bell and ask away....

[betginge 73]

 

thanks guys, 17 days is very fast I was thinking more like months.  Did you do the application yourselves or did you get an agent or company to assist.

Form does look a little complex 

[SC Derby 259]

I did it all myself. It's not too hard once you get going.

[James Bush 95]

I've just moved business premises and to change the FCA address you just log into the FCA portal, all very easy. 

My original application was completed in around 3 weeks, there were a couple of bits I didn't fully understand but they are really helpful on the phone. Even saved me a good chunk of money because I was applying to be registered for stuff I didn't need. 

Edited June 20, 2016 by James Bush

[betginge 73]

Many thanks James

So To clarify, I should be able to register for my license in my current premises and then when i find the right place to move up, I can just change the premises location part on the portal system.

 

 

[Steve92 80]

You log into the connect system to change details, Gabriel for reporting and i think its chrysalis for invoices ....

[James Bush 95]

Yes betginge just register as you are and then change address when you've found somewhere. I was surprised how easy it all was. 

[Mat C 77]

Mine came through in 11 days!! I was astounded!

To be fair though, I had the chap from Close Brothers come in and he whizzed through the application which would have taken me a half day to complete, in about 2 hrs. He was very helpful and hoping that by the end of the week i'll have terms in place to be able to offer funding myself. Seems i'm missing 3/4 deals a month as I cant offer at the mo.