In our latest FAQs (though they won't be particularly frequent)answered PDQ (*pretty darn quickly), four random adviser questions have been answered by aupport services provider SimplyBiz...
1 I’m considering getting some marketing material printed before the end of the year. We have not yet decided whether we are going to go restricted or independent. Can I therefore not mention this in the marketing material, but still refer to our client service proposition?
There is no requirement to confirm your status within any promotional material and therefore the corporate brochure can be developed now provided it would not mislead a client about the scope of your services, if you later decided to move to a restricted model.
You should, however, be mindful of the change from Financial Services Authority (FSA) to Financial Conduct Authority (FCA) should you wish to refer to your regulated status!
Four frequently asked questions answered pretty darn quickly...
2 I presume one can start off restricted then, when the professional indemnity insurance (PII) market settles down, transfer to independent?
You can change your service proposition at any time to suit the market place.
Based on the initial discussions we have undertaken with PII underwriters, we are confident that no loading will be based on whether a firm is independent or restricted. The underwriters have stated that loadings will be placed where firms write higher risk business, however, it is perfectly feasible that an independent firms would never advise on a high risk products as their client bank does not lend itself to such products.
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