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Guide to Directly Authorised vs Authorised Representative



    Moreover, with the advent of the Retail Distribution Review some advisers worry that the only way the network model can survice in a fee-based environment is to become more controlling.

    This guide looks at the choice between authorised representative and directly authorised, the advantages and disdvabtages of both options, the process of becoming directly authorised and the different responsibilities and costs.

    Answers provided by Gary Kershaw, compliance director at SimplyBiz; Campbell Macpherson, managing director of consultancy Campbell Macpherson & Associates; Steve Young, commercial director at Sense Network; Robert Forbes, partner at Plutus Wealth Management, a former authorised representative firm that gained direct authorisation in 2011.

    In this guide


      Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

      1. What is the minimum application fee for getting Part IV permission from the FSA?

      2. What does Mr Macpherson say is an important difference between networks and national firms?

      3. What are the minimum capital adequacy requirements for a small firm?

      4. As a DA firm what are your reporting requirements?

      5. What types of insurance cover does Mr Macpherson say DA firms need to get?

      6. How much does running a DA firm generally costs, according to Mr Kershaw?

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