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BGP Insurance Services

Are you looking to establish yourself as an insurance broker on your own account?

Becoming an insurance broker may lead to a challenging and highly rewarding career. But it is one that might not be for everyone and there are a number of immediate obstacles to be overcome if you want to set yourself up in business as an insurance broker. Although there is a difficult route to becoming an insurance broker, there is an easier way, too. It might be helpful to look more closely at these two approaches – the “directly authorised” insurance broker and the “appointed representative”. Comparing your options The directly authorised insurance broker is one who seeks direct authorisation in the role from the financial services industry regulator, the Financial Conduct Authority (FCA). The FCA is responsible for authorising and regulating the work of insurance brokers, regularly updating the insurance industry’s expectations of the role of the broker.

The authorisation process for a broker just starting out may take six months or more and there is a fee to pay to the FCA for its authorisation – at its most basic, the fee is currently £1,500 but may rise to as high as £25,000 for an especially complex application.

The FCA is also likely to impose a minimum capital requirement for your brokerage business and this may be in an amount ranging from £5,000 to £50,000. It may also insist that you have arranged a sufficient level of professional indemnity insurance to protect your business activities.In order to trade as a broker, it is more or less essential that you install your own electronic trading platform to reach the levels of efficiency needed by your business – there is a range of different platforms available and these help to provide e-trading facilities, automated document production and single keying solutions. In return for your compliance with all of the FCA’s requirements and your investment in your own brokerage, the customers you find are, of course, your own.



Appointed representatives

At BGP, we are able to offer a much smoother and less demanding route into your career as an insurance broker. By joining our network of appointed representatives you still need to be fully committed to the role you are seeking to play and to work hard at your business. But you do so in the knowledge that you have the fullest support and backing of a leading Lloyd’s of London independent broker

As our appointed representative, you are freed from the need to deal directly with the FCA in your application, but may rely on the umbrella authorisation we have already obtained through our compliance with all the relevant regulations – we ensure compliance on your behalf. It means that your work as an insurance broker is made under the umbrella authorisation we have already secured with the FCA – there are no fees for you to pay for any separate application on your own behalf. Reporting and capital requirements imposed by the FCA are also met by BGP’s own compliance in these matters. Professional indemnity insurance is also provided under our own umbrella policy, together with cover under our own Consumer Credit Licence and access to our in-house accounting facilities. Important to the success of your business, too, is access to our own Electronic Data Interchange (EDI), providing the trading platform your business needs. As an appointed representative, you may rely on our provision of all of these benefits, yet still retain ownership of your own customer base.

For more information on becoming an appointed representative of BGP simply contact us.


Are you looking to establish yourself as an insurance broker on your own account?

Becoming an insurance broker may lead to a challenging and highly rewarding career. But it is one that might not be for everyone and there are a number of immediate obstacles to be overcome if you want to set yourself up in business as an insurance broker. Although there is a difficult route to becoming an insurance broker, there is an easier way, too. It might be helpful to look more closely at these two approaches – the “directly authorised” insurance broker and the “appointed representative”. Comparing your options The directly authorised insurance broker is one who seeks direct authorisation in the role from the financial services industry regulator, the Financial Conduct Authority (FCA). The FCA is responsible for authorising and regulating the work of insurance brokers, regularly updating the insurance industry’s expectations of the role of the broker.

The authorisation process for a broker just starting out may take six months or more and there is a fee to pay to the FCA for its authorisation – at its most basic, the fee is currently £1,500 but may rise to as high as £25,000 for an especially complex application.

The FCA is also likely to impose a minimum capital requirement for your brokerage business and this may be in an amount ranging from £5,000 to £50,000. It may also insist that you have arranged a sufficient level of professional indemnity insurance to protect your business activities.In order to trade as a broker, it is more or less essential that you install your own electronic trading platform to reach the levels of efficiency needed by your business – there is a range of different platforms available and these help to provide e-trading facilities, automated document production and single keying solutions. In return for your compliance with all of the FCA’s requirements and your investment in your own brokerage, the customers you find are, of course, your own.



Appointed representatives

At BGP, we are able to offer a much smoother and less demanding route into your career as an insurance broker. By joining our network of appointed representatives you still need to be fully committed to the role you are seeking to play and to work hard at your business. But you do so in the knowledge that you have the fullest support and backing of a leading Lloyd’s of London independent broker.

As our appointed representative, you are freed from the need to deal directly with the FCA in your application, but may rely on the umbrella authorisation we have already obtained through our compliance with all the relevant regulations – we ensure compliance on your behalf. It means that your work as an insurance broker is made under the umbrella authorisation we have already secured with the FCA – there are no fees for you to pay for any separate application on your own behalf. Reporting and capital requirements imposed by the FCA are also met by BGP’s own compliance in these matters. Professional indemnity insurance is also provided under our own umbrella policy, together with cover under our own Consumer Credit Licence and access to our in-house accounting facilities. Important to the success of your business, too, is access to our own Electronic Data Interchange (EDI), providing the trading platform your business needs. As an appointed representative, you may rely on our provision of all of these benefits, yet still retain ownership of your own customer base.

If you are interested in becoming an Appointed Representative of BGP simply contact Adrian Gyde on 01452 377 661 or email adrian.gyde@bgpltd.com



Are you looking to establish yourself as an insurance broker on your own account?

Becoming an insurance broker may lead to a challenging and highly rewarding career. But it is one that might not be for everyone and there are a number of immediate obstacles to be overcome if you want to set yourself up in business as an insurance broker. Although there is a difficult route to becoming an insurance broker, there is an easier way, too. It might be helpful to look more closely at these two approaches – the “directly authorised” insurance broker and the “appointed representative”. Comparing your options The directly authorised insurance broker is one who seeks direct authorisation in the role from the financial services industry regulator, the Financial Conduct Authority (FCA). The FCA is responsible for authorising and regulating the work of insurance brokers, regularly updating the insurance industry’s expectations of the role of the broker.

The authorisation process for a broker just starting out may take six months or more and there is a fee to pay to the FCA for its authorisation – at its most basic, the fee is currently £1,500 but may rise to as high as £25,000 for an especially complex application.

The FCA is also likely to impose a minimum capital requirement for your brokerage business and this may be in an amount ranging from £5,000 to £50,000. It may also insist that you have arranged a sufficient level of professional indemnity insurance to protect your business activities.In order to trade as a broker, it is more or less essential that you install your own electronic trading platform to reach the levels of efficiency needed by your business – there is a range of different platforms available and these help to provide e-trading facilities, automated document production and single keying solutions. In return for your compliance with all of the FCA’s requirements and your investment in your own brokerage, the customers you find are, of course, your own.


Appointed representatives

At BGP, we are able to offer a much smoother and less demanding route into your career as an insurance broker. By joining our network of appointed representatives you still need to be fully committed to the role you are seeking to play and to work hard at your business. But you do so in the knowledge that you have the fullest support and backing of a leading Lloyd’s of London independent broker.

As our appointed representative, you are freed from the need to deal directly with the FCA in your application, but may rely on the umbrella authorisation we have already obtained through our compliance with all the relevant regulations – we ensure compliance on your behalf. It means that your work as an insurance broker is made under the umbrella authorisation we have already secured with the FCA – there are no fees for you to pay for any separate application on your own behalf. Reporting and capital requirements imposed by the FCA are also met by BGP’s own compliance in these matters. Professional indemnity insurance is also provided under our own umbrella policy, together with cover under our own Consumer Credit Licence and access to our in-house accounting facilities. Important to the success of your business, too, is access to our own Electronic Data Interchange (EDI), providing the trading platform your business needs. As an appointed representative, you may rely on our provision of all of these benefits, yet still retain ownership of your own customer base.

For more information on becoming an appointed representative of BGP simply contact us.

 

© Bennett Gould & Partners Ltd 2019


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© Bennett Gould & Partners Ltd 2019


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BGP is a trading name of Bennett Gould & Partners Ltd., Registered in England No 1058351 at Corinium House, Corinium Avenue, Gloucester GL4 3HX, and are authorised & regulated by the Financial Conduct Authority (FCA). Our FCA register number is 306850 and you can check this on the FCA’s register by visiting the FCA’s website www.fsa.gov.uk/register/home.do or by contacting the FCA on 0800 111 6768.