Commercial finance broker

[acf]

Would any knowledgeable member of the forum please advise on the statutory requirements, such as licence and qualification etc., for acting/conducting business as commercial finance broker? Somebody told me that it is unregulated business and only licence under Consumers Credit Act would be required to conduct the business of commercial finance brokerage.

[Ian J]

No qualifications are required and you can probably get away without a licence at all as long as you don't touch anything that may fall within the bounds of the Consumer Credit Act.

If you are dealing with small ticket asset finance you will probably need a licence anyway as many assets under a certain amount may fall within the scope of the act anyway.

[acf]

Thanks Ian for your valued advice.

[jacobite]

I don't mean to be funny here guys, but the quicker this area of the finance industry gets properly regulated, the better.

[Alex@Crossguard]

Hi,
Dont the FSA regulate this type of thing?
would you then need approval from the regluator, ie get audited etc???
Just a thought.

Alex.

[Gillie]

Nope ... FSA regulate insurance and mortgages basically ..... commercial finance you just need to be data protection registered and also hold a consumer credit license ...