Connect aims to pay advisers much quicker than other Networks. Should everything be in order with the case, advisers will be paid within 3 working days of matched receipt.
There are, however, occasions where we are unable to pay commission as quickly as we would like. So here is some guidance on what could cause your commission payment to be delayed.
When commission is received, our Finance Department will first look to find an OMS case to match it to, so when there isn’t a case set up on OMS, no commission can be paid until this is done.
When a case is set up on OMS, that case must have the minimum required amount of information on for us to be able to release your commission. We do this to ensure each case meets the Networks expected standards with regards to quality and so we have sufficient customer information to ensure we are paying the commission correctly.
So, in order to avoid delays and ensure you receive your commission within 3 days, here is a list of requirements that we look for:
For a Mortgage case
- Minimum Documents Attached: Ensure all required documents, including the offer, are attached as per the minimum required documents process HERE.
- Correct Case Stage: Ensure that the case is in the correct stage using the OMS workflows.
- OMS Updates: Application submitted, and case completion dates must be entered into OMS.
- Compliance Check: For advisers not signed off on residential advice, ensure the case has been reviewed by compliance.
- Protection Your Needs Tab: Complete this tab for all regulated cases.
- Adviser Fees: Enter the fees the adviser is charging into either the estimated fees section on the loan details tab or the adviser fees & commission tab.
For a Protection case
- Correct Case Stage: Ensure that the protection case is in the correct stage using the workflows on OMS.
- Insurance Reference Number: Ensure that the insurance reference number is entered into the OMS.
- On Risk Date: Enter the on-risk date into the OMS.
- Documents Attached: Attach all required documents to the case file as per the Protection Process Guide HERE
Full guidance on this policy
Full guidance on this policy can be found in the operations manual, HERE
As with all our policies, there are occasions where we are required to make amendments, so this list may evolve over time.
This is not an exhaustive list of what is required on each case, for this, please ensure you are reviewing and completing the file check tab on OMS.
If you need any further information or clarification, please contact the Compliance Department who will be happy to help.
Regards
Alan Baldwin
Director of Compliance
For any questions or queries, contact the Compliance Team
Call : 01708 676110
Email : compliance@connectmortgages.co.uk