One of the latest national organisations to sign up to AFS Compliance as an Appointed Representative is Your Power (UK) Ltd and in a recently published article about the solar PV provider they stated, “AFS Compliance offers a cost effective alternative to direct authorisation by the Financial Conduct Authority (FCA). It allows us to spend more time with our customers.”
Like many other sales organisations Your Power (UK) Ltd recently found itself faced with a serious dilemma. The company, who prides itself on providing the best solar PV tailored solutions to the domestic, agricultural, commercial and public sectors, had to decide in light of the new FCA compliancy regulations, whether to apply for direct authorisation or whether to become an Appointed Representative of an authorised principal business in order to become compliant.
Andrew Walsh, Financial Director of Your Power (UK) Ltd, is quite clear as to why they reached the decision they did. He reported that many of their prospective customers were looking to spread their payments, which meant that Your Power (UK) Ltd needed to be able to put them in touch with a trusted financial partner who could find them the funding deal they were looking for. That used to be fine until the new FCA regulations stated that the introducing company had to be authorised.
Your Power (UK) Ltd realised that without the proper authorisation they could no longer introduce their customers to funding bodies without breaking the law.
The options were simple. They could either apply for authorisation by the FCA, or they could become an Appointed Representative of a principal business that was fully authorised.
After analysing the two options Your Power (UK) Ltd quickly recognised that there was only one sensible answer. Become an Appointed Representative!
To comply with the FCA’s authorisation requirements the company would have had to commit to a lengthy, complex and expensive application process. They would also have to set up an in-house compliance and supervisory regime and also maintain a vigorous on-going compliance discipline.
Costly. Time consuming. And a distraction from their day-to-day business.
On the other hand, by becoming an Appointed Representative of AFS Compliance, an organisation that carries full authorisation, they immediately obtained all the policies, procedures and systems required to ensure total compliancy.
Cost-effective. Problem free. Plus access to the largest panel of funders.
AFS Compliance offers a choice of no less than three different Compliance Services designed to match the needs of any sales organisation. Particularly appealing to Your Power (UK) Ltd was the fact that through AFS Compliance they could also gain access to over 55 funders ensuring that there was always a viable finance option available for their customers should their prime funder not be able to help.
If you are faced by a similar dilemma, contact AFS Compliance for an informative chat by telephoning 0844 555 5116, or send us a message via our Contact Us page.