Frequently Asked Questions
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| An FCA Network provides an alternative to full FCA 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 FCA Regime. In addition, any updates to FCA activity are relayed to the Network members. |
The ITC Compliance network is specifically designed for the Dealer that does not wish to go through the fully authorised route for FCA 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.
Click here to see your options |
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.
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No. Each ITC Compliance member has the ability to contract with any FCA authorised insurance product supplier. This will enable a Dealer to source the best products for their customers - not the products that someone else dictates. |
No. ITC Compliance is already an authorised firm, and will advise the FCA of any new Network members. All the prospective network member has to do is complete the on-line application form, and then submit the signed form A and order form to ITC Compliance Limited. Once we a have completed our initial verification checks, and providing the checks are satisfactory, we will inform the FCA of the new Network member. |
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. |
No. ITC Compliance will provide this for you. The level of Insurance provided here will meet the requirements laid down by the FCA. |
Each network member will receive a set-up visit plus a three month review and annual visit from one of our Client Support Advisors to assist with any issues that may exist. A Network member will also receive a Policies and Procedures manual from ITC Compliance as well as a dedicated phone and e-mail support service. This service exists to tackle any issues from sales enquiries, insurance specific questions, IT and other support queries. |
No. ITC Compliance will handle the complaints for those insurance sales that have taken place whilst you are a Network member, although the network member will still need to be involved in the complaint handling process. If a complaint is in respect of an insurance sale that took place prior to a firm becoming a Network member then this will still need to be handled by the firm. |
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. |
| 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. |
