David and Tracy Robertson, owners of Prospero Insurance, made the decision to go from an Appointed Representative to directly authorised last year. David explains why they made the leap.
For us, it was the desire to be seen as a credible business which drove us to transition from an AR to a directly authorised business. To help us make the switch, we joined Broker Network towards the end of last year, and we haven’t looked back since.
Invaluable help with the FCA process
The FCA process can be arduous and Broker Network made the transition straight forward and stress free. It was a great help to have all our forms checked and double checked before we submitted them. This meant that there was less questioning from our case manager and the authorisation time was reduced from six months to four.
All included in your membership
Had we not been a Broker Network Member, I honestly don’t know where we would have begun with all the paperwork. There are consultants out there who can assist for a fee running into the thousands, whereas Broker Network do this as part of their service for you.
Access to agencies with insurers
Being a Member of Broker Network brings so many benefits that help you to become established in a timely manner. In the space of a few months, Broker Network has secured us agencies with over 40 insurers. Using the Client Money service has also been of great benefit and takes a massive weight off our shoulders from a compliance point of view.
Whilst we are still a young directly authorised firm, we have not regretted our decision at all and the business is going from strength to strength with the help of everyone at Broker Network.
Is it time to become directly authorised?
If you’d like to talk to Broker Network about becoming a Member and how the team can help you transition from being an AR to directly authorised, please get in touch with Adam Lee, Head of New Sales, by emailing email@example.com or calling 07967 186631.