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FCA Compliance Support

Providing FCA Compliance Support to all Brokerplan Network Partners

Since 2013 the whole of the UK Financial services industry has been governed and regulated by the Financial Conduct Authority (FCA).

A fundamental requirement in the market is that any firm or individual wishing to Broker credit as a regular business activity including loans, leases,mortgages etc.must have the required level of authorisation from the FCA. Operating in the market without the requisite level of authorisation is a serious offence and can lead to prosecution.

To comply with the FCA requirements a firm or individual must either apply to the FCA for what is termed ‘Direct Authorisation’ or alternatively elect to work under the supervision of an authorised Principal Firm as an Appointed Representative (AR) or Registered Individual.

Brokerplan is a division of White Rose Finance Group Ltd who achieved full authorisation from the FCA in 2014 to operate as a Principal firm which enables us to provide compliance services , regulatory support and guidance to a growing number of Associates and Business Partners who have elected to join the Brokerplan Network.

The process is straightforward and once we have completed the standard preliminary ‘Fit and Proper ‘ due diligence on the applicant we would normally expect to have a Network Partner set up, added to the FCA register and ready to start trading legally and in a fully compliant manner within around 2 weeks

The Brokerplan Business Owner programme is designed for firms and individuals who wish to enter the market and work on a self supported basis. Achieving Direct Authorisation from the FCA would therefore be a primary objective in the first year of operation. Under the Business Owner programme support is provided to assist in preparation and submission of the application to the FCA with the Partner working under our supervision ( as an Appointed Representative)  until this is achieved – usually 3 – 6 months.

Compliance with the FCA Regulatory aspects of the market are a fundamental requirement when working as a Professional Broker, all Brokerplan Network Partners will benefit from the significant experience that we have gained working in market as a regulated firm since 2004.

FCA Regulations and Compliance requirements are thoroughly covered during Initial Business Training and ongoing support is provided to all Brokerplan Partners.