When I wanted to move to new premises, I looked to release some capital from the business towards funding this.
Running parallel with that, I was aware of the FCA’s increasing interest in client money and had always been a little wary of the client money rules and complying with them. I was also conscious that my agencies with insurers were virtually all on a risk transfer basis.
In addition, I was looking to expand the commercial side of the business but mindful that certain new agencies might not grant risk transfer. I called UKGI in to take a look.
I thought we were operating a non stat trust client account but it transpired that we were in fact operating a stat trust account. This immediately reduced my capital requirement from £50,000 to £10,000 which enabled me to release the capital I needed immediately towards the move.
UKGI helped me change my stat trust client account to an insurer trust account (which meant that virtually all of my premiums now sit outside of client money rules as I don’t co-mingle). UKGI also recommended that I set up a separate stat trust client account for non risk transfer business and UKGI guided me through the process. These arrangements give me a lot of flexibility going forward – I have client money permission but little of the premiums passing through the business fall under the CASS rules now, and the stat trust client account is there for me if I need to hold client money.
We are now in our new office and following UKGI’s guidance I am very comfortable with my insurer and client money arrangements.Laurie Buckberry, Delite Insurance
We are a niche scheme broker and have found the support UKGI offer - both through the online compliance manual and the technical compliance support – invaluable in growing a successful business.Neil Bresler, Cherish Insurance Brokers Ltd
The experience of staff at UKGI in dealing with our FCA application was invaluable.Julian Cartman, Riverside Insurance Services
We have used the UKGI compliance manual ever since it became available in 2004. The information and pro formas are easy to use and provide a valuable source of compliance tools.Chris Chubb, Chubb Insurance Services
I consider we were very lucky in finding UKGI when we were originally looking for compliance assistance. We were not after a cut price arrangement we wanted support from a company we knew we could trust and we found this with UKGI.
In particular, the UKGI Compliance Manual has proved very valuable to us in providing quick access to solutions. I find it is easy to locate topics and that the guidance it provides on whatever subject I’m investigating is very informative. The workshops too provide the right balance between summarising what’s going on in regulatory terms and giving information about issues which firms need to be considering.
We know UKGI invest considerable time and effort in ensuring that they add value rather than simply passing on information from the FCA and their approach helps save our company time and money.Rachel Evans, Martinez & Partners Ltd