..as an Appointed Representative and you don't need to report data to the FCA or pay FCA fees and we take responsibility for your compliance
Being an Appointed Representative of Product Partnerships (PPL) means:
- You do not have to apply directly to the FCA for authorisation as PPL, subject to due diligence procedures, adds you as an Appointed Representative (AR)
- You do not have to report data to the FCA through its Gabriel system; PPL includes your data within its annual Gabriel submission
- You do not pay FCA fees; as PPL is the regulated entity, we pay fees based on the level of regulated business undertaken by our ARs
- PPL takes responsibility for your regulatory conduct and supplies the necessary systems, processes and compliance programmes to ensure you and PPL always remain compliant
- You benefit from best practice learnings and the experience and knowledge of PPL
- You can achieve cost savings by utilising centralised compliance support rather than having to develop your own in-house compliance team
- You have all the support needed to ensure your sales and complaints processes are compliant, your staff are trained, and management information enables you to monitor how you are treating your customers.
An Appointed Representative can act in the same way as a directly authorised business: advising customers, completing finance proposals, advertising finance and receiving commission. As an Appointed Representative of Product Partnerships for consumer credit activities, you can still choose your finance provider, subject to our due diligence checks, and the firm being correctly authorised and complying with all FCA regulations.
However, you still have to ensure treating customers fairly is at the heart of how your business operates and a director or senior manager will become an Approved Person with responsibility to ensure your firm acts within the FCA rules and guidelines. Our compliance monitoring programme will ensure this happens.
If you would like to know more about being an Appointed Representative of PPL, get in touch and we will talk you through the process. We do have a stringent application process, but if you have a robust, well run business with the necessary resources and a clear, well-structured operation, subject to meeting our and the FCA’s criteria, we’ll get you set up and able to offer credit facilities as soon as we can.