A vast number of financial advisers, be they appointed representatives (ARs) or directly authorised (DA) intermediaries, run their own business.
Typically employing less than half-a-dozen staff, they none-the-less have to contend with a maze of regulatory and compliance issues. These are not only focussed on Financial Services Authority (FSA) rules and regulations, but also the many other requirements of running a small business – from Health and Safety to tax, computer systems, personnel management and training issues.
Regulatory burden
The burden that is placed on small business can be enormous, but the good news is that there is help at hand from a wide range of sources. Support is available in a number of different forms, from free advice and information, to training support and even financial grants and assistance.
It is well worth finding out what type of help is available. Some types of assistance, such as those offered by the FSA, are available to all financial advisers. Other types of help, such as regional grants, will be dependant on your geographical location and the precise nature of your business.
Here’s a brief overview of some of the ways in which financial advisers can obtain free help and support:
The FSA (www.fsa.gov.uk) – the obvious starting point for any firm of financial advisers. The FSA has introduced a number of initiatives to help small firms and the latest is an e-learning package launched in February. This has been specifically designed to help small firms work out what financial resources they need to meet regulatory requirements. Firms need to keep adequate financial resources at all times and this online training course is designed for those with little or no accounting knowledge.
When launching this service Stephen Bland, retail intermediaries sector leader at the FSA, said: “As part of our commitment to make it easier for small firms to do business with us, we’ve been working to improve what we offer. We’ve made a good start, but there’s still work to do.”
The e-learning package can be accessed via the FSA’s website and there are also webpages dedicated to small firms (www.fsa.gov.uk/pages/
doing/small_firms/), which contain targeted newsletters, frequently asked questions, top tips and information about training and events.
Business Link (www.businesslink.gov.uk) – Business Link is a national organisation funded by the Department of Trade and Industry (DTI) and is provided on a regional basis. Visit the Business Link website and you’ll find full details of the support services available in your area.
Business Link’s objective is to provide the information, advice and support needed to start, maintain and grow a business. Its purpose is to enable small firms to take advantage of the many opportunities which are available to them.
It will provide practical advice on a range of subjects from employment law to tax, finance and grants, IT and e-commerce, buying and selling a business and sales and marketing. The Business Link website is one of the easiest websites to navigate and it’s packed with useful information. You can also register your details on the site to receive free information.
HM Revenue & Customs (www.hmrc.gov.uk) – it doesn’t matter what type of business you run, you will need to deal with HM Revenue and Customs sooner or later, so it makes good sense to find out what support is available for those essential tax transactions.
As you would expect, the website is full of information about tax related issues from VAT to corporation tax, PAYE, self-assessment, tax credits and so forth. There is a whole section for businesses and, surprisingly, it is easy to navigate and understand.
HM Revenue & Customs also runs a series of free seminars designed specifically for small businesses, which are held on a regional basis throughout the year. Visit www.businessadviceday.co.uk for full information and you can book a place at a local seminar online. Subjects covered at the seminars include VAT, dealing with tax issues online, managing cashflow, Health and Safety and employment issues.
Grants Online (www.grantsonline.org.uk) – a really helpful website which provides the very latest information about grant funding opportunities from the European Union, UK Government, Regional Grant Marketing Bodies and Grant Making Trusts.
Grants are available to small businesses (usually on a matched funding basis) but finding out what grants your business is likely to qualify for can be a nightmare task. There is no better starting point than Grants Online. You do need to subscribe to use the site and costs for single user subscriptions range from £25 plus VAT for one month to £150 plus VAT for a full year.
However, you can subscribe for a free trial, which gives you a seven- day (once only) free use of the site. If you think you may qualify for a grant, this has to be worth doing. The site also has a handy virtual tour (which you don’t need to register for to use), which gives you a useful overview of what the site contains.
Mortgage Next (www.mortgagenextnetwork.co.uk) – if you’re an AR, your network principal will provide help and support with a number of regulatory issues and possibly a few non-regulatory issues as well.
At Mortgage Next, we have launched a virtual marketing department for use by ARs (which will also be made available to DAs registered as part of our Passport scheme).
It provides information, downloadable guides, templates and marketing literature, which can be used by brokers to promote their business, and is free to registered Mortgage Next users.
Even though you run a small business, there is no need to think you are working alone. There is help out there if you are willing to hunt it down and use it.
