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Sanlam Partnerships

Sanlam Partnerships

 

Here’s a reminder of some questions you may have already seen and others that we think would be useful. If you have a question that you can’t find the answer to, please email.

Frequently Asked Questions

These questions relate specifically to Tavistock Financial’s network firms joining as Members of Sanlam Partnerships.

Do I need to change my brand to Sanlam?
No your brand is your brand.  You will need to change your regulatory disclosure following the change in control.  

Does this mean we are now restricted to Sanlam?
No – you can remain whole of market.  

Will my fees change?
There are no plans to change the fees for the current service provided. To ensure you are paying the right fees, they may be adjusted in line with your increase in turnover.

Will Phossil remain?
It is essential to have a system that can provide the systems support to the network. We are working with the IT team to understand how we best do this and support Phossil. Find out more about Phossil

Can I still just advise on protection?
Yes – we intend to remain WOM for protection and protection specialists are very welcome.

Can I still advise on mortgages?
Absolutely – this is an essential part of financial planning.  Our mortgage offering is WOM.

Can I pick my own funds?
As long as you can demonstrate that the advice is appropriate and delivers good client outcomes.

Are you planning to grow the business?
Yes, this is a key strategic acquisition to support our growth plans in to the future giving a number of ways that Financial Advisers can work with or for Sanlam UK. 

Other important information:

 

PI insurance
We have FCA compliant cover which will cover you as a member of Sanlam Partnership and is included in your monthly fee.

Who is your PI with?
The policy is held with Aviva and is compliant with FCA rules.

Complaints management
As your network we will review, investigate and resolve any complaints received on your behalf. We will also liaise with the FOS if necessary.  Please contact us if you have a particular case or example.

Technical support
To help support our members we have a technical team based at our office to answer and deal with any technical or compliance issues you may have.
This includes technical issues on:

  • Mortgages
  • Equity Release
  • Pensions
  • IHT
  • Investments
  • Fund Management
  • Long Term Care

The technical support team includes a wide breadth of knowledge and experience to assist advisers in all the technical and compliance issues they have.  Please contact Technical if you have a case or example you would like to discuss.

Technical documents and reports
Members of Sanlam Partnership can continue to access the FREE document library on Phossil which has a range of compliance materials designed to assist you. These documents are regularly updated to ensure you are running your business compliantly.

Phossil – Management information
The compliance management system Phossil, helps to manage your information. It is a web based system that you can access 24 hours a day, 7 days a week.

It provides some of the evidence required to collect helpful Management Information. It includes a number of useful functions to help you manage your business including:

  • Turnover – Register your commission and/or adviser remuneration
  • New Business – Pipeline manage the business you have written
  • Key performance indicators – Monitor your performance against our standards

The system enables us to adopt a risk based approach to your supervision, targeting the areas where we can give you the support you need.

Regular updates
We will start to send you select informative emails for your own information or to share with your clients, as a guide you’ll receive a minimum of bi-monthly updates. Our Sanlam Partnership Updates cover a variety of necessary topics, including; recent regulatory news, compliance requirements, and reminders of forthcoming events. These communications can also count towards your CPD record.

Promotions sign offs
Our internal compliance team are able to check and sign off all your marketing collateral, including newsletters, local advertising, websites, and stationery. 

Is there a capital adequacy requirement imposed on me by Sanlam Partnerships Ltd?
No. However, your firm needs to be financially sound in order to adhere to fit and proper rules. There has historically been a link between debt and malpractice in financial services, and we are conscious of that risk.

What is the financial-capital position of the network?
The network takes corporate governance very seriously and publishes as much information as possible.

Where do you stand on occupational pension transfers?
These cases will always be 100% pre-sale checked. In order to conduct occupational transfers between individuals or firm members you will need to be appropriately qualified.

Is there any backup for unusual products?
Yes. Our technical team will help you through more unusual cases. 

Can the adviser still use their own local reps and contacts with providers?
Yes. We very much encourage this.

Can members design and use their own stationary and logos?
Yes, subject to compliance checks before use and annual revalidation.

Does the network handle all regulatory requirements of registration, reporting and T&C?
Yes.

Can members do their own local advertising?
Yes, subject to compliance checks.

Do all proposals have to go via the network?
No. You deal direct with your existing providers and send proposal forms to them direct. We compliance check your work.

General insurance and mortgages; how do you do the compliance and business submission in these cases?
In exactly the same way as with investment business.

Investing involves risk and the value of investments and the income from them may fall as well as rise and are not guaranteed. Investors may not get back the original amount invested.