Compliance Support
How does Brokerplan support with compliance?
Network Partner Authorisations
The Brokerplan Network will apply on behalf of ARs for their own Firm Reference Number (FRN) allowing the AR to face the market under the regulatory supervision of the Principal Firm. The AR is able to operate under its own brand and the Business Partner is the standard option chosen by new network partners to engage in this way.
Fitness & Propriety
Brokerplan will carry out standard ‘Fit and Proper’ due diligence on the individual(s) behind the application. This will require gathering personal and professional details, the process is generally straightforward and would usually take between 3-6 weeks.
Compliance Training & Support
All Brokerplan network partners are provided with initial training to ensure basic understanding prior to launch. Ongoing FCA compliance training and support is provided by the Principal Firm which will include regular formal reviews either remotely or face to face depending on requirements.
Academic Qualifications
Brokerplan does not require financial experience or specific qualifications, as full business launch training is provided to all partners.
There are currently no qualifications required to operate as a commercial finance broker. Though you may elect to take the LIBF’s Certified Practitioner in Specialist Property Finance (CPSP) Qualification.
FCA Principal Status
White Rose Finance Group Limited
The White Rose Finance Group achieved FCA authorisation in 2014 to operate as a Principal Firm.
This enables the company to provide compliance services, regulatory support and guidance to Appointed Representatives (ARs) and Registered Individuals (RIs) who have elected to join the Brokerplan Academy Network.
In 2018 the company became directly authorised to act as a Principal Firm for regulated activities.
