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 .