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Does the process of licensing an ABS have no practical implications? I seem to recall that the application involves delivering a business plan for approval by the SRA. If I am right then someone at the SRA signed it off. If I had extended credit to this ABS on the strength of it having been vouched for by the SRA through the licensing process I might wonder whether the SRA would take some responsibility . . . . . Goodness me, a pink elephant has just floated past my window . . . .