Lee Birkett, CEO of Prestbury, commented: “ Since mortgages and general insurance became regulated back in October 2004, we have been working tirelessly to bring this much-needed proposition to the marketplace. The Bsure proposition has been developed in partnership with the UK’s lenders and life offices.
"The marketplace has been crying out for a rounded FSA Direct proposition. At Prestbury we fully believe in the appointed representative (AR) model and the security it brings to advisers and consumers, but we also understand a business persons desire to be directly authorised (DA) with the FSA. With Bsure we bring the commercial benefits of being an AR, whilst enjoying the freedom of being a DA.
"Prestbury have contractual relationships with approximately 75 DA firms, the majority of whom have been unable to trade with Prestbury since regulation. The inability to trade is as a result of the regulatory impact on the legacy commission payment systems of the UK’s life offices and mortgage lenders. The systems were unable to differentiate between DA firms and AR firms. This has now been resolved, and as a result, the Bsure trading identity is today launched to differentiate the direct payment of commissions and procuration fees to an FSA direct firm.
"The aim since regulation has been to ensure that our DA firms receive the same gross commercial terms that Prestbury’s ARs receive and we can now confirm that all life offices and 75 per cent of all lenders have agreed to provide the same commercial terms for Bsure direct members.
"Bsure members also have the opportunity to purchase compliance services from the Prestbury compliance team. Members have the option to access the high level training and competency schemes that a Prestbury AR would receive.
"Bsure are now in a position to receive registrations from the FSA DA marketplace. Bsure members will have access to a webline powered online quote and submission system, allowing advisers to track and submit, life and general insurance business via the Bsure website. Bsure will also provide members with access to Tri Gold and Mortgage Brain.
"This is an exciting stage of Prestbury’s development and I am confident that Bsure will be welcomed by the industry”
