What is an FSA Network?
An FSA Network provides an alternative to full FSA authorisation, where a fully authorised Firm (the ‘Principal’) takes responsibility for the regulated activities of Network members (known as ‘Appointed Representatives’ or ‘ARs’).
The ITC Compliance Network provides its members with all procedures and policies necessary for compliance with the FSA Regime. IN addition, any updates to FSA activity are relayed to the Network members.
Why would I be interested in the ITC Compliance Network?
The ITC Compliance network is specifically designed for the Dealer that does not wish to go through the fully authorised route for FSA regulation. Full authorisation is not for everyone, and some Dealers would prefer to stay outside of this regime. ITC Compliance offers a real and cost effective alternative to full authorisation.
Can't I just stop selling insurance products?
This is always an option that is open to a Dealer. However, the advantage of being a member of the ITC Compliance network is, apart from protecting and growing your insurance income, you can send a strong marketing message to your customers that you are embracing regulation - not shying away from it.
Also, not doing anything at all may be difficult if you currently sell or give away regulated warranty products, as this will be a regulated general insurance activity.
I have been approached by an Appointed Representative network before. They will only consider my application if I am tied to buying insurance products from them. Does ITC Compliance insist on any such tie in?
No. Each ITC Compliance member has the ability to contract with any FSA authorised insurance product supplier. This will enable a Dealer to source the best products for their customers - not the products that someone else dictates.
Do I still need to apply to the FSA?
No. ITC Compliance has already successfully applied for authorisation, and will let the FSA know who the network members will be. All the prospective network member has to do is fill in the on-line application form, and then answer some other simple questions from ITC Compliance if their application is successful.
Do I still need to obtain Professional Indemnity Insurance?
No. ITC Compliance will provide this for you. The level of Insurance provided here will meet the requirements laid down by the FSA.
Will the FSA come and audit my Dealership?
No. As ITC Compliance administer the network, the FSA will audit ITC Compliance, and not the network members. In order to provide the FSA with any information and assistance they may require, however, ITC Compliance will insist that each member submit a monthly return of regulated activity and other key information.
What will I have to submit to ITC Compliance on a monthly basis?
The monthly submission will consist of insurance product sales information and other key information such as changes to staff members or new products being offered. The submission is made on-line through a dedicated web site, and should take no more than 10 minutes.
What about my sales process - do I have to change it?
Not necessarily. Most sales processes follow a generic pattern, and ITC Compliance will provide every network member with all the information and tools that will enable processes to be compliant, while still retaining your own individuality. What will change will be the information you give to a customer, and the timing with which you provide it.
What support do I get from ITC Compliance?
Each network member will receive a Policies and Procedures manual from ITC Compliance. In addition, ITC Compliance will provide the network with a dedicated phone and e-mail support service. This service exists to tackle any issue from sales enquiries and insurance specific questions to IT and other support queries.
Will I have to handle complaints regarding Insurance products?
No. ITC Compliance will handle the complaints for the network, although the network member will still need to be involved in the complaint handling process.
How can I find out if being part of the network would be good for my business?
Just click
here to speak to one of our Regional Management Team. They will be able to provide you with a tailored illustration as to what Network membership could add to your Business. (The link should open up the map page from the ‘contact us’ section)
