There are many benefits of becoming directly authorised as well as a great deal of myths surrounding the process. Compliance First will guide you step by step throughout your FCA application and we’ve outlined below what you should expect.
Completing your FCA Application
Compliance First will assign you a dedicated Business Development Manager who you can contact at any time.
- Your Business Development Manager will assist you with completing your application to the highest standard. As a Group we have processed over 3000 applications and can identify potential problems at the outset.
- If the FCA come back with further queries we will advise you on gathering the additional information you require.
What type of company structure should I select? There is much to consider when selecting the most suitable company structure for you. Compliance First will provide you with all the advice and guidance you need to ensure you make the most informed decision.
What happens to my Professional Indemnity & outstanding commissions?
- PI cover is normally taken by networks on monthly basis and deductions will continue until the end of the policy year - this does vary by network, so you must confirm this.
- When you do require a new PI policy, SimplyBiz have a dedicated team who will work to offer you competitive premiums as well as low excess levels and excess discounts.
- Following resignation, you're unlikely to receive outstanding commissions from the network until any unearned indemnity commission liability is less than that due to them. This may also apply during the network's notice period, so ensure you check.
- In order to help you with your cash flow, Compliance First will work with you to transfer your agencies to your new practice, and thus also release the commission payments.
Setting up novation agreements
We will save you time and a great deal of hassle setting up your novation agreements. Ensuring any future commission due, including renewals will be paid without delay, straight into your bank account.
What happens to my clients’ files?
- Both you and your network need to retain elements of clients’ files, in case of a future complaint.
- On resignation, the network will provide a list of requirements. While some client information should be handed to the network, some must be kept.
Compliance First will provide all this support and expertise to ensure your application is as smooth and stress free as possible.
If you feel direct authorisation could be the right option for your business, please call one of our experienced team on 0141 433 8214.