FCA Compliance Support

All Brokerplan Network Partners are provided with full FCA compliance support.

FCA Compliance

In 2013 it became a regulatory requirement in the Commercial Finance industry for all firms or individuals wishing to broker credit as a regular business to have the required level of authorisation from the Financial Conduct Authority (FCA).

Operating in the industry without the appropriate 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 as a Principal Firm

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, enabling the Company to provide compliance services, regulatory support and guidance to a 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

Information for Brokerplan Business Owners

The Brokerplan Business Owner package is designed for individuals to become self-sufficient businesses, therefore gaining FCA Direct Authorisation is a priority in the first year of operation. Brokerplan will provide full support to prepare and submit your application to the FCA.

Whilst applying for FCA authorisation the Partner will be working under our supervision as an Appointed Representative, this is usually for around 3 to 6 months until direct authorisation is achieved.

A full understanding of FCA compliance is provided as part of the initial business training.

Come and meet us

If you have any questions around any of the packages, FCA compliance and the support we provide, please contact the Business Development Team on 0333 405 6666 or email the Business Development Director John Kent by Clicking here