Benefits
Greater Efficiency - Cost Reduction - Time Saving - Reduce Paperwork - Risk Management - Happy Workforce - Peace of Mind - Control Complaints - Freedom - Less Stress
Greater Efficiency
- Compliant documentation that compliments and fits with business objectives will remove duplication of work and increase time spent on core activities.
- This means that staff will not be bogged down with paperwork when they could be doing more productive work instead.
- Reducing the average time spent issuing documentation will gain several hours every month which potentially could mean an additional client each month.
Cost reduction
- Much more cost effective than employment, no perks or national insurance to pay, no need to purchase equipment for another work station, only pay for what you use.
- You get a company director; take advantage of the business expertise and connections on offer to review other aspects of your business too.
Someone must do compliance, it’s absolutely essential to the survival of the business. The options are:
- To do it yourself, in which case you are doing compliance instead of making money developing your business.
- To take on an employee to do it, this has all the associated costs and difficulties of recruitment, ongoing costs in terms of tax, pension, equipment, holidays, sick pay, salary, and then resolving if unsatisfactory.
- To delegate amongst your existing staff, this means you are still overseeing and also you are probably going to create stress, ill feeling, poor performance in other areas.
- To outsource, use an expert who does nothing else, pay only for what you need to use, no overheads or responsibilities
Time saving
- Your time is more profitably focused on your core business; leave the compliance issues to someone else. Minimise interruptions, have time and peace to get on with your work.
- Every hour you spend on compliance you could have been pitching for a new client, focusing on new strategies. These activities are far more profitable for you.
- Staff knowledge and experience reduces the time you spend coaching them or doing work that could have been delegated.
-Training and competence are at the heart of the FSA regime, by introducing effective training you are eliminating interruptions to your time.
- You will also be improving the service your customers receive so generating more referrals from satisfied customers. This is well known to be the most effective lead generator.
- What if clients are lost because you or your staff are too busy writing suitability letters to deal with their problems?
- Why would you want to work a 100 hour week?
Reduce Paperwork
- Aim to eliminate all duplication of information and effort.
- A lot of the information you need to supply to a customer is actually useful to them and to you.
- The fact that you supply it in the way you or your system always have and that the new regime requires some extra bells and whistles, often results in reams of paperwork much of which is duplication. Fixing this will free up staff time and save paper, ink and postage too! Most importantly, your clients will appreciate clearer more informative documentation,
Risk Management
- Eliminate breaches of FSA regulation removing the threat of fines or legal action.
- The FSA do visit firms, including small firms. This happens randomly or because something has alerted them. This may be your RMAR, web site or a complaint. No one is too small to be beneath their radar!
- The areas on which FSA focus are highlighted in advance; a time frame is given for action. Failure to act in this time frame in what they consider to be an adequate manner will result in a fine. It can now be seen that this does happen, indeed it has happened. Reputable firms with no complaints against them have still been fined for breaches of FSA regulation.
This means that all firms are vulnerable to FSA attention and so it is imperative to have your house in order. It is impossible to back track and fulfil necessary obligations, much simpler and more cost effective to have the right systems in place.
Emotional Positives
Happy Workforce
- By getting staff involved and buying into compliant systems a culture will evolve that eliminates rebellion and apathy in this area.
- It is well documented that employees will work harder if they are content and that they will be much more likely to follow a system if they have had some input into its design.
- This aspect is very important and is taken into account during the compliance process to make sure that what we ask is being done.
Peace of Mind
- Feel less stressed knowing that compliant systems are all in place.
- Wellbeing is important to all people, including the directors of insurance broking firms.
- Stress will cause your health, your quality of life and ultimately your business to suffer.
Control Complaints
- Eliminate concerns over dealing with complaints effectively.
- You may not have any complaints at the moment, all the more reason to ensure that you and your staff can recognise and deal effectively with one should it arise.
- Not having complaints can be a cause for concern because a lot can be learnt from complaint handling. Not that you should go out and do something to be complained about! It is however an aspect of your systems and controls that must be addressed. Failed complaints are in the FSA domain. If lack of documentation or poor staff training, for example, gave rise to the complaint then you could come under the microscope.
Freedom
- Lose the stress of having to deal with compliance on top of everything else.
- Take a break, enjoy life. If you are nailed to your work and cannot have a day off then step back and ask why?
- There is always a way to create more time and space. Call us to discuss your requirements.
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for more information call us on:
+44 (0) 330 111 6161
We work closely with...
- Insurance Brokers
- Mortgage Brokers
- Financial Advisers
- Compliance Officers