In our 2023 Summer Newsletter, we wrote an article called Use it or lose it. In this, we covered the FCA and Network rules that are required to maintain your permissions.
To maintain your Regulated permissions, each adviser must complete a minimum level of business.
Regulated activity covers the following:
- Regulated Home Finance, e.g. Residential Mortgages, Equity Release, Family BTL
- Consumer But to let, e.g. Accidental landlords
- Consumer Credit, e.g. Commercial loans to individuals
- Protection, e.g. Life, Critical illness & Income protection.
- General Insurance, e.g. Buildings and Contents insurance
In order to demonstrate competence, you must have completed a minimum amount of business within any of the above business types, which all count towards your regulated activity.
Connect’s policy is that each adviser must complete a minimum of two applications and one completion in any six-month period, this will then demonstrate competence and compliance with the FCA and Network rules.
What happens if you haven’t completed the minimum amount of business?
If, at six months, you are below the minimum business levels, you will be invited to re-attend training. Attendance at this training is mandatory to maintain your regulated permissions.
Failure to attend the training will result in the removal of that permission, meaning you cannot submit any regulated business until you have attended training and successfully completed an observation.
In situations where the training has been completed and there is still no business to warrant these permissions in the following six months, then the permission will be withdrawn.
Support!
To help our Network Members, our Relationship Managers will contact everyone who is affected by this to ensure they are aware and to offer any help the Network can support you with.
Should you have any questions on this, please do not hesitate to contact myself or your Relationship Manager.
Regards
Alan Baldwin
Director of Compliance
For any questions or queries, contact the Compliance Team
Call : 01708 676110
Email : compliance@connectmortgages.co.uk