Appointed Representatives

When you want to start trading as an insurance broker quickly, and applying for FCA authorisation seems costly in terms of time and money, becoming an Appointed Representative of another authorised entity is appealing.

However, with a few years trading under your belt, you may want to rethink the direct authorisation route. Advantages include:

  • Autonomy of decision making and to progress the business in the direction the firm requires without approval from the Principal
  • You can independently establish insurance arrangements and wider third party arrangements without agreements first being in place with the Principal
  • You can take a proportionate, risk based approach to setting your compliance framework and systems and controls and not a one size fits all approach determined by the Principal
  • Reduction in payaway of fees and commissions to Principal

Applying for FCA authorisation is not as challenging or as costly as you might think. ICS has considerable experience assisting firms in a variety of different ways, from extensive support completing all the documentation to reviewing and editing what firms have already prepared (and everything in between).

To discuss what might be involved and how ICS can help call us on 01892 539600 or email admin@insurancecompliance.co.uk.

FCA Authorisation Support

Let ICS help you through the process of authorisation from completion of forms and supporting documentation to setting up required systems and controls. We’ll not only help to ensure that everything is completed as quickly as possible but we’ll make sure you avoid any errors which might delay the authorisation process.