Lending business

[emperorglobal]

Hi everyone,
I want to start a lending business and need some guide on how to go about it. I have some options I am looking to consider. The first is to go all the way to get licenced by the FCA. The second is to take up a franchise with an already licensed firm. I need advice from experienced members of this forum on which of the options I should go for and possibly the needed connections to make this idea a reality. I am also option to partnerships.
Thanks.

 

[Mark T Jones]

What type/level of lending?

To whom?

You may not need FCA authorisation (dependent on the above)

 

[emperorglobal]

What type/level of lending?

To whom?

You may not need FCA authorisation (dependent on the above)

Thanks Mark for your interest. Should have provided the details.
Intended loan product is micro lending targeting workers and self employed. Will I still need FCA authorisation?
Thanks in anticipation...

 

[Mark T Jones]

Thanks Mark for your interest. Should have provided the details.
Intended loan product is micro lending targeting workers and self employed. Will I still need FCA authorisation?
Thanks in anticipation...

Yes, definitely!

 

[AlanJ1]

Yes, definitely!

And I am presuming to get FCA authorization you will need water tight business plans etc?

 

[emperorglobal]

And I am presuming to get FCA authorization you will need water tight business plans etc?

I think so too. This is the reason I wouldn't mind franchise if any forum member can recommend one to me

 

[emperorglobal]

Yes, definitely!

Thanks Mark

 

[Ozzy]

Having gone through the FCA process for UKBF for a product we're launching (next week so announcement coming imminently), you need to be water tight in your operational procedures and policies.
If this is not an area you have experience in, and making an assumption based on you asking the question you are, then a franchise would be I'd suggest your only option. It's a minefield, and the FCA will expect you to have in house expertise on compliance and a franchise will support you with this.

I'd recommend you check when the next franchising show is on at Excel or NEC, wherever you are, and visit some of them. Speak them, do your due-diligence and speak some of their other franchisee's before you sign on any lines.

(I can hear the shock from @Mark T Jones as I speak well of franchising)

 

[WaveJumper]

Having gone through the FCA process for UKBF for a product we're launching (next week so announcement coming imminently), you need to be water tight in your operational procedures and policies.
If this is not an area you have experience in, and making an assumption based on you asking the question you are, then a franchise would be I'd suggest your only option. It's a minefield, and the FCA will expect you to have in house expertise on compliance and a franchise will support you with this.

I'd recommend you check when the next franchising show is on at Excel or NEC, wherever you are, and visit some of them. Speak them, do your due-diligence and speak some of their other franchisee's before you sign on any lines.

(I can hear the shock from @Mark T Jones as I speak well of franchising)

Well slightly surprised we have not had a few guess’s on Ozzy’s new project, the UKBF bank account, credit card (oh no please not ****** trading) form an orderly queue behind please for the UKBF loan ?