Finance Lenders
Our team has all the tools, knowledge and wealth of experience to help you in your journey to get approved by the FCA
How to become a Finance Lender
All firms that carry out lending activities need to be authorised by the FCA. If you want to become a finance lender, the FCA will ask you to provide the following documentation:
- A regulatory business plan.
- A risk management strategy.
- Compliance procedures, e.g. sales process, complaints, data protection, rule breaches, forbearance, vulnerable customers
- Evidence of how the firm will ensure it is treating customers fairly
- Evidence that the firm has systems in place to combat financial crime including money laundering
- Marketing strategies to be used, and how clients will be sourced
- Details of the firm’s organisational structure.
- Projected financial statements.
- Details of any previous convictions, disciplinary action, or insolvency events.
- Additional information along the application approval process including bespoke documents.
- Details of affordability assessments the firm will carry out.
In addition, individual authorisation for key personnel, e.g. directors, chief executives, heads of compliance, and anti-money laundering officers is also required. These individuals will be subject to a series of assessments regarding honesty and integrity.