ABYA CHAIR UPDATES - AUGUST 2023 NEWSLETTER
Published: 29 August 2023
- FCA Limited Permissions Credit Broking Status
Do you currently hold FCA Limited Permissions Credit Broking Status?
If yes, then you need to read this short article and take action immediately.
If you act as an introducer to any marine finance company, you will be aware that you need to be registered with the FCA and hold limited permissions credit broking status.
The process of obtaining this limited permissions status is not a quick, simple or cheap process and requires annual FCA returns to be completed.
It has been brought to our attention that one Broker, with all the appropriate FCA Limited Permission status, who has also completed the correct annual returns, has in the past few weeks been advised that the FCA will be taking away its authorisation due to the business not making any financial income from its activities.
Both the Broker and ABYA challenged the FCA’s decision which we appeared to be illogical because whilst the broker can introduce people to the finance company it cannot influence who the finance company lends to.
Thanks to the good record keeping of the Broker, they were able to demonstrate a reasonable level of referrals.
Therefore, if you hold the above FCA permissions please make sure you keep detailed records on the number of referrals you make.
This is just in case you need to justify why you need to keep you FCA permissions.
- Code of Practice & Anti Money Laundering
As you will be aware ABYA has over the past few months been working with LA Marine Law to develop a new, modern and more robust Code of Practice and Anti-Money Laundering Guideline for Yacht Brokers.
This combined document has been designed to assist brokers with ensuring that they adopt and follow best practices when it comes to the buying and selling of yachts.
It sets out the minimum standards that ABYA requires of its member brokers. It has been written to ensure as far as possible Brokers undertake the necessary controls and checks to ensure they don’t expose themselves to claims of money laundering or transacting for people on a Political watchlist.
The new document is going currently having a final read through and will be rolled out at the end of October to all members via short 1-hour webinars.
Dates for these sessions will be announced shortly. Please note that attendance by all yacht brokers will be mandatory.
- ABYA Membership benefits package
What would you like to see in your ABYA Membership benefits package?
Your Committee are currently looking at modernising and enhancing what we offer as part of your ABYA membership package.
Whilst your Committee and the team at The Glassworks have a number of great ideas and suggestions, we would like to hear what you would like to see as part of the benefits you receive through being an ABYA Member.
If you have any thoughts on what you would like to see included, can I please ask you to email kay@ybdsa.co.uk by Friday 8th September.
We look forward to hearing from you.
Peter Norris, ABYA Chair
