What is an Introducer Appointed Representative (IAR)
The FCA definition:
An introducer appointed representative is an appointed representative appointed by a firm whose scope of appointment must, under SUP 12.5.7 R, be limited to:
- (a) effecting introductions to the firm or other members of the firm’s group; and
- (b) distributing non-real time financial promotions which relate to products or services available from or through the firm or other members of the firm’s group.
In practical terms:
This means you operate under a separate FCA approved firm. You will have a legally binding contract with them. This firm will provide you with procedures required by the FCA to become and remain compliant. You will be able to pass your customers details to the approved firm, you will not be able to discuss any of the regulated products with the customer.
Introducer Appointed Representatives within our Network
Introducer Appointed Representative (IAR) Status allows you to fulfil your compliance responsibilities as part of the First Call Group network – you don’t have to become directly regulated. We provide everything you need to ensure that your team is competent and compliant under FCA regulations.
We will support you on an ongoing basis to maintain the required standards.
Whatever route you choose to go, our specially designed compliance training programmes ensure that every member of your team becomes approved to introduce retail finance and insurance products. Our reporting systems allow us to keep an eye on how each member of the team is doing and support them if and when they need help. They also provide proof of competence and compliance, as required in an FCA audit.
To find out more about our dealer training, compliance, audit and insurance services, please contact us here.
Costs
Costs for
Introducer Appointed Representative (IAR)
an initial set up fee:
£995 + VAT
followed by 12 monthly subscription payments of:
£99 + VAT
After setup, you pay £49 + VAT per month for 3 months, then continue on a monthly rolling contract at the same rate, with each monthly fee paid upfront.
TRANSACTION FEE PER completed loan:
Transaction fee per loan as a percentage of the loan. Percentage depends on volume
Contact:
Email: dave@fcgltd.co.uk (Sales Director)
Tel: 0191 535 2532