To synchronise your understanding and our terminology, we may variously refer to those who join TEn either as ARs, Practices, Brokers or Members depending upon what sounds best at the time.
Using the words Practice or Practitioner does not suggest that the term ‘broker’ is no longer appropriate in our model. It is simply that ‘broker’ can be ambiguous as between the person and the Practice.
Our dilemma is that we don’t much like the term Appointed Representative (or AR), as this tends to conjure an image of driving around the countryside with a boot full of sample hair-care products.
There is, alas, little we can do about that, although we are thinking about campaigning for the Australian interpretation of AR; this being Authorised Representative, which sounds so much better.
In truth, as our membership have their own corporate identities, mostly along the lines of XYZ Insurance Brokers Ltd, the ‘AR thing’ is not really ever noticed or remarked upon by the clients.
The clients of each broker belong to that broker
Nobody else, not ever
So, there are no restrictions upon departure
other than reasonably assured payments
of any and all outstanding premiums
Rule #1: the clients of a Broker belong to that Broker, NOBODY ELSE, NOT EVER.
A Broking Services operation does not deal directly with end-user clients, except insofar as such contact is in furtherance of a broking service - an accounts query for example - “for and on behalf of” a Practice.
TEn broking holds agencies with insurers and ARs do not. From an insurer’s stand-point, they see only one agency and, thereby, they benefit by simplification and efficiency in return for agreed service levels and enhanced terms of trade.
TEn insurance is the entity that is regulated by the FCA and the Practices are regulated in turn by us; as Appointed Representatives (ARs).
Consequently, we take very seriously the compliant operation of our members; because we would get the blame if anything were to go wrong.
TEn regards Appointed Representatives as both customers of an ‘outsourced services provider’ and constituents within a regulated broker network.
Thereby, TEn is accepting responsibility for the compliant operation of the whole community, whilst being equally responsible to that same community as both a mentor and a supplier. Everybody happy!