Quality and Compliance

The Appointed Representative model is growing in popularity, but there can still be confusion regarding the division of responsibilities between the Principal and the Appointed Representative.

Momentum is authorised by the FCA and acts as a Principal Firm. Although we have a strong team of expert brokers who provide invaluable support to our broker partners, there’s a lot of other work that goes on behind the scenes to help deliver our first-class service.

Helen Webster and Jane Mycroft head up our Quality & Compliance department and each have experience within broking and underwriting gained across more than 20 years within the industry.  Their role at Momentum is to help our broker partners and internal staff comply with regulations and policies, ensuring clients are at the heart of everything we do.

Maintaining compliance can sometimes seem overwhelming when there are so many other things going on in your business, so we caught up with Helen and Jane to find out why their roles are much more than auditing and ‘ticking the compliance box’.

What role does Quality and Compliance play at Momentum?

Helen: Quality & Compliance has to be part of every day for our partners and team members. Our industry is heavily regulated by the FCA and Momentum also has its own best practice guidelines. We’re here to support our AR partners and Momentum staff by way of auditing, training support or just a sounding board for any queries.

Jane:  Our level of involvement will depend on a number of factors including the experience of the individual and the complexity and nature of the business.

Why is auditing so important?

Helen: By auditing, we can identify those individuals that may need extra support or development in specific areas. This could be additional insurance software training, customer relations support, Outlook training, more specific insurance training, or general support to help them work more efficiently.

Jane: Our team is called ‘Quality & Compliance’ for a reason – it’s not just about compliance with regulations but helping our partners to achieve the best outcomes for their clients and sharing best practice across the business.

What other support is available for our broker partners?

Jane: We act as a head office might in a more traditional broking setup – providing whatever support is needed.  That includes access to online learning, regulation briefings, webinars and day-to-day management of complaints or difficult claims.

Whether you’ve just started your broking business or you’re an established company, Quality & Compliance will be an important part of your business.  Momentum is on hand to offer expert support to ensure FCA compliance and quality outcomes for your clients, allowing you to focus on providing insurance advice and growing your business.

Find out more about how you can partner with Momentum on our Becoming an Appointed Representative page.