FCA Compliance Support


FCA Principal Status

The White Rose Finance Group Ltd 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. This change in permissions has led to the development of the Superbroker proposition.

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.

RIs are permitted by the Principal Firm to operate under its FCA authorisation (630772) and to face the market as an Associate Financial Consultant (AFC) under one of the company brands e.g. Acumen Finance or Your Mortgage Plus

The Academy is able to assist network partners who wish to apply for direct authorisation. The Business Owner package includes guidance on the application process as well as additional training in sourcing funding solutions as well as deal packaging and lender management. As the process can take much longer (3-9 months) interim AR status is offered to allow trading within the normal 3-6 week period.

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.

FCA 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

For the majority of the Academy options there is no need for financial experience or specific qualifications as full business launch training is provided.

CeMAP & CAS

For the majority of the Academy options there is no need for financial experience or specific qualifications as full business launch training is provided.

For regulated mortgage advice the Certificate in Mortgage Advice & Practice (CeMAP) papers 1, 2 & 3 is required. CeMAP is accredited and recognised as a formal qualification by the London Institute of Banking & Finance (LIBF). These can be arranged by Brokerplan on your behalf, studied via distance learning, or on a fast-track classroom-based course.

Once CeMAP has been passed you also require Competent Advisor Status (CAS) which Brokerplan can facilitate. The CAS journey is a process by which you are mentored and shadowed to demonstrate a competent advisory technique and is essential when advising for protection and insurance products.

studying together

SAF

The Specialist Automotive Finance (SAF) test is LIBF recognised and is required for the Acumen Autolease vehicle leasing franchise. There are 2 x levels; SAF Expert and SAF Advanced which need to be retaken annually to maintain competence.

Find Out More


For more detailed information please contact the Business Development Team on 0333 405 6666 or email info@brokerplan.co.uk