General information: What are the purposes of financial security for premises guarantees?
New applicants for authorised warehouse keeper status are required to provide afinancial security for warehoused goods (i.e. a premises guarantee). The effects of thisrequirement are to:
undergo scrutiny by a financial institution as a further stage to ensure that only a fit and proper person is allowed a financial guarantee; and
provide a significant financial commitment (especially for applications relating to General Storage & Distribution warehouse); and
protect the revenue.