What An Appointed Representative Network Should Mean To You
An Appointed Representative, or ‘AR’, in financial services is a person or company that is authorised to carry out specific types of activity under the regulatory umbrella of another firm that is directly authorised by the FCA.
Why might you do that rather than be directly authorised yourself?
Headline reasons are cost, together with monitoring, administration and reporting activities that comes with direct authorisation, and for which you are wholly responsible as an FCA directly authorised firm.
So as an AR of a company that is themselves directly authorised, your costs are lower and most if not all of the administration of your authorsation falls to your network provider – BUT that is not to say that you don’t have obligations to uphold.
As an AR network provider we are vouching for you – that you are solvent, reputable and trustworthy, and that you will uphold the regulations relating to the area in which you operate and carry out your business in a compliant manner.
In short, it’s our neck on the block!
Our own authorisation and reputation are affected by your conduct as an AR – so therefore we put the time in to ensure that:
- you are trained in both our approach to clients and the areas in which you will operate
- each case is conducted in a compliant manner
- you access the necessary funding information and compliance training annually
Which in turn brings me to our own AR network – the Fiducia Commercial Network.
Being a commercial finance AR on our network could be as a totally new venture, or it could compliment your existing business and network.
Starting a new company or adding a business area could be a lonely place – except on the Fiducia Commercial Network you are part of something bigger that supports you from day one – we help you do business.
Your client proposition and business’s success are the core of our proposition.
To us our AR network means a partnership and collaboration – we have a vested interest in ensuring that:
- you are trained fully in all aspects of your role
- you are aware of your compliance obligations, and you have the tools, information, systems and lender access to carry them out
- you keep current in updates and changes in the commercial finance market and products
The partnership and collaboration goes beyond the set up, induction and kick off of your AR activities; we have a USP as an AR network provider that positions us head and shoulders above most of the market – we do the same job that you do!
The Fiducia Commercial Network offers you a cost effective route to authorisation and a lot MORE beyond.
- MORE lenders and products on a whole of market panel where some funders only accept authorised brokers
- MORE protection for your business with PI Insurance coverage
- MORE access to your sector, lender and product information and personal development tools via NACFB membership
- MORE choice and suitable solutions for your clients
- MORE compliance, finance, system and admin support
- MORE business support from the Fiducia broking team
- MORE regular commercial finance news and views from industry experts
- MORE lender and products updates + regular network BDM webinars
- MORE networking opportunities within our network – from in-person events to messaging group
We are not a commercial finance brokerage that has just set up an AR network as a sideline without putting in the ongoing and long-term support.
We are not a franchise that takes a large up front payment in return for a couple of webinars and a manual that points you towards your promised six-figure salary – because believe me if it was that easy then that’s where I would be and not blog writing this weekend!
We are not ‘working the numbers’ and just getting as many people through the door because then dissatisfied leavers don’t affect us too much.
We are commercial finance brokerage that works with our ARs to provide them with the tools and support to enable them to help their clients – and not just at the outset, but on an ongoing basis.
Support from a team experienced with getting deals over the line that aren’t always straightforward could be the difference to being a successful commercial finance broker.
That’s what being part of the Fiducia Commercial Network could mean for you – being part of something bigger that you can lean back on for support in multiple ways whenever you need to.
Take the first step towards being a successful commercial finance broker by talking to us about the Fiducia Commercial Network.
Mark Grant, June 2022.