Hi, hope I'm in the right place for FCA licence advice.

[agentpete 0]

Hi everyone, I don't sell cars but I do run a motorcycle / quad centre. Really hoping it's ok to post on here.

I'm looking for some advice regarding an FCA licence application. Even though we've been trading for many years we've only recently started selling motorcycles and have now taken on an agency so naturally need to offer finance.

I have already applied for a limited permission licence which is now three weeks in. I've had an email to say I've been personally approved to carry out a controlled, which is a good signthat things are progressing. However one of the questions asked on the original application was as to whether we have a business plan, I said yes and that I would supply it later on as there was a tick box to say that. Now my question is, will this hold up my application? Should I send one in now and if so what does it need to include?

I'm ashamed to say that even after having been in business for 25 years I've never written down any form of plan on paper, it's all in my head!

Thanks in advance for any guidance you can offer.

[David Horgan 564]

If they have sent you an FRN number that's the deal done .

Normally ring you if they need information in addition to what you sent .

Cant see that being a worry , we never sent one in .

Watch out for the sneaky calls just before they do send a number , we had a call can you quote me what i could get for £300 a month , I kept saying I cant and the caller just kept the pressure on asking about finance and not the car which I found weird .

Literally 30 mins later after that call we had the number via email . 

[agentpete 0]

1 minute ago, David Horgan said:

If they have sent you an FRN number that's the deal done .

Normally ring you if they need information in addition to what you sent .

Cant see that being a worry , we never sent one in .

Watch out for the sneaky calls just before they do send a number , we had a call can you quote me what i could get for £300 a month , I kept saying I cant and the caller just kept the pressure on asking about finance and not the car which I found weird .

Literally 30 mins later after that call we had the number via email . 

Thanks David, yes I have an FRN number but they said that relates to me not the company. When I look online it still just says submitted and waiting for a case officer. Nothing comes up on the register either.

 

[David Horgan 564]

If you have the number in your name its the same , mine is like that , can take a while to show on register .

Got the FRN number your good to go , happy days , 

Just need a finance company now to suit your product and get some sales and commission payments in . 

[agentpete 0]

9 minutes ago, David Horgan said:

If you have the number in your name its the same , mine is like that , can take a while to show on register .

Got the FRN number your good to go , happy days , 

Just need a finance company now to suit your product and get some sales and commission payments in . 

That's great David, thank you. I'll make a few phone calls in the morning, how long did yours take to show up on the system? Have they invoiced you for the first year fees?

Edited October 16, 2018 by agentpete

[trade vet 702]

If I was doing a business plan,I would just download a template for free with plenty of bullshit.Mission statements,vision statements,e cycle sales projections,some technical stuff.I remember applying to our bank for funding,I was offering them loads of security and they knew me and the business.It was not good enough,they needed future sales and cash projections.So I got our accountant to  knock them up,loads of numbers and bullshit jargon.I think he charged me £200 and the bank manager thought it was excellent and it did the trick.

[agentpete 0]

15 minutes ago, trade vet said:

If I was doing a business plan,I would just download a template for free with plenty of bullshit.Mission statements,vision statements,e cycle sales projections,some technical stuff.I remember applying to our bank for funding,I was offering them loads of security and they knew me and the business.It was not good enough,they needed future sales and cash projections.So I got our accountant to  knock them up,loads of numbers and bullshit jargon.I think he charged me £200 and the bank manager thought it was excellent and it did the trick.

Thank you, looks like I may not need it now but if I do that's a good shout to contact my accountant.