My FCA compliance provider is in the process of updating their introducer registration and agreement process to make it more robust, transparent and compliant. This clearly means more forms and more work for me and also possibly at outset of the relationship for the introducer themselves.
Most people would view this as a pain and possible barrier to sales and the creation of such arrangements. However, I take a slightly different view. This is not admin for admins's sake - rather it is creating a more professional approach with the prospective new introducer. Demonstrating that we have a system in place that is there to establish theirs and our professional and regulatory credentials. The process therefore ensures everyone knows, at every stage how the client and introducer will be treated and importantly how the financials of an introducer fee work, in detail, in a variety of real world situations (of course I'm primarily talk about clawbacks when I say this).
In a regulated environment a robust system is essential and I often talk to my new professional introducers that we need to build a 'bridge of trust' before they allow me in front of their clients and so the relationship should also work in reverse - the introducer demonstrates they are committed to working with me and are professional in their own right (in this case by completing a pre-agreement fact find for us to establish their regulatory position, identity and so forth along with a more detailed and transparent introducer agreement).
So I would say that the creation of a more coherent professional process is essential and the more professional we all are the better a service, inevitably we are able to provide for introducers clients.
I'd also argue that putting in place a couple more checks and balances will attract a better class of introducers and I'd certainly be comfortable re-vetting any of my existing introducers on the proposed new basis as they are all professional and open to the necessities of working together in the right way.
__________
If you're interested in a free review of your medical insurance cover (family or company paid) please get in touch :
Tel - 07792 075748 or 0113 3474395
Follow my Talk Health blog at : www.talkhealthpartnership.com/blog/2013/04/nhs-versus-private-healthcare-a-personal-journey/
Twitter - localventure1 and philknightpch
Video Podcast - You Tube Channel : pkn439
Audio Podcast - www.pmicast.podbean.com & www.whereswilson.podbean.com - both available on iTunes
Linkedin Profile : uk.linkedin.com/pub/philip-knight/1a/b47/58b/
Google Plus : https://plus.google.com/116316601747539224729/posts
Facebook : https://www.facebook.com/philip.knight.775
Phil Knight
Independent Healthcare Consultant
I'm a totally independent healthcare intermediary with 20 years market experience, not tied to any insurer, fully FCA regulated and part of the Premier Choice Healthcare Group. FCA Number 312878
No comments:
Post a Comment