Your guide to becoming directly authorised

There are many benefits of becoming directly authorised as well as a great deal of myths surrounding the process. SimplyBiz will guide you step by step throughout your FCA application and we’ve outlined below what you should expect.

Completing your FCA Application

SimplyBiz will assign you a dedicated case officer who you can contact at anytime.

  • Your case officer will assist you with completing your application to the highest standard. SimplyBiz have processed over 3000 applications and can identify potential problems at the outset.
  • If the FCA come back with further queries SimplyBiz 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. SimplyBiz 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 number of good quality contacts who can offer you competitive premiums as well as low excess levels and excess discounts.
  • Following resignation, you’re unlikely to receive outstanding commissions 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, SimplyBiz will work with you to transfer your agencies to your new practice, and thus also release the commission payments.

Setting up novation agreements

SimplyBiz will save you time and a great deal of hassle setting up all 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 for this. While some client information should be handed to the network, some must be kept. SimplyBiz will advise you on this and ensure you’re covered.

SimplyBiz 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 options for your business, please call one of our experienced team on 01484 439128 or email new2@simplybiz.co.uk .

Testimonials

“Best service provider in the industry”

Graham Pratley
The Wealth Management Partnership

Read More

Latest News

"30 years on, the prinicpal still carries the can"

April 11, 2018

Ken Davy considers the future of networks given recent court rulings on who carries liability for the actions of Appointed Representatives.

Read more >

Understanding what makes a good advice process

April 10, 2018

Dan Russell, Managing Director of SimplyBiz Investment Services, looks at how to make the most of all your client interactions and how the 'first meeting' may no longer be a  potential customer's first impression.

Read more >

SimplyBiz Mortgages adds The Melton to panel

April 09, 2018

SimplyBiz Mortgages has added The Melton Building Society and its subsidiary MBS Lending to its lender panel.

Read more >

SimplyBiz enters Aim market at 170p a share

April 04, 2018

The SimplyBiz Group successfully entered the AIM market at 8am on Wednesday 4 April 2018.

Read more >