Business Plan for FCA Authorisation | Consumer Credit, Loan Broker, Lender | Points to be Included in FCA Applications

A business plan for Consumer Credit applications (loan broker or lender) should be comprehensive and look to include the following:

• The firm’s business plan should give a comprehensive view of all activities the firm intends to carry on, both regulated and un-regulated;
• The background to the business;
• The firm’s business model;
• Why the firm wishes to carry on regulated activities at this time;
• Whether the firm has identified a particular business opportunity or identified a specific customer base;
• Any long-term strategy and expansion plans for the business generally;
• Where customers will be sourced from, including whether the firm are intending to broker agreements to customers whose habitual residence is in the UK;
• The firm’s plans in relation to financial promotions and communications;
• The types of products the firm will be brokering (both regulated and non-regulated) including the areas that the firm may specialise in
• The brokers and/or panel of lenders the firm will be working with;
• What experience managers have in relation to the type of regulated activities the firm wishes to carry on;
• The background and experience of managers and how this will help them with their roles;
• Full details of the firm’s procedures to ensure that the products brokered are not unsuitable for the customer. This should include details of how the firm will assist customers to shop around for credit.