‘Reborn As a Broker’ Podcast Highlights Local Broker Rescue Option

The viewpoints of two formerly directly authorised brokers, who have relinquished their direct authorisation with the FCA to instead become appointed representatives of Gauntlet Group, are explored in a brand-new podcast that could help other local  brokers become ‘reborn’.

The ‘Reborn as a Broker’ podcast can be found here, or downloaded as episode 5 on the Catapult PR Show podcast, available at Apple, Spotify, Google and other podcast sources.

Catapult PR’s managing director, Jane Hunt, interviews two Gauntlet appointed representatives and local brokers  – Martyn Munro, of Munro Insurance in Glasgow, and Stuart Marshall, owner of Ovalmere in Streatham – to assess their reasons for de-authorising and their lives after de-authorisation.

Gauntlet De-authorisation Fast-track – the local broker rescue option

The two dedicated local brokers are not just at the opposite ends of the country from one another but also at either end of the process that is known as Gauntlet De-authorisation Fast-track (GDF).

This pioneering process recognises that many smaller local brokers find themselves stranded in the insurance marketplace.  Most have little chance of growing or selling their business, attracting insurer agencies or finding enough time to grow a client-base, given all the reporting, accounting and other duties they have to face.

GDF offers a life-line to such local brokers, through a process of de-authorisation, developed by Gauntlet Group, to make the moving over of both the broker and their clients as painless as possible.  This is managed in conjunction with the FCA, previously only used to taking brokers the other way, from AR to directly authorised.

Furthermore, GDF offers an option with regard to an ultimate exit route, with Gauntlet Group happy to discuss a whole or partial sale of the local broker’s business, when the time is right for them.  Using this flexible option, brokers often wind down their brokerage over a number of year.  No other AR network can offer this exit strategy.

Munro Insurance were the first directly authorised brokers to go through this pioneering process.  Ovalmere, on the other hand, is one of the more recent brokerages to become an AR.  To explain how much smoother things have become with the FCA since Monroe made the move during the pandemic, Jane Hunt also speaks to Glyn Arundale, Gauntlet’s Quality Assurance Manager, who facilitates the FCA transition.

Benefits of giving up direct authorisation to become an Appointed Representative

In the podcast, Martyn Munro explains how the change in status has assisted the family-run business and how it will assist succession planning between father and son.  Stuart Marshall, on the other hand, voices many of the concerns of the smaller local broker and highlights what he sees as the benefits to his business of being an appointed representative.

Roger Gaunt, managing director of Gauntlet Group, says, “This podcast really makes it clear that GDF offers a wide number of benefits to smaller local brokers who need support and a fresh start in their broking journey.  They are literally reborn with the FCA when they go through the process but also reborn in terms of what they can achieve and how they can shape and run their businesses going forwards.  We would urge any local broker who feels stranded or stressed in their insurance world, to listen and then chat to us about their own situation.  We will provide an honest assessment as to how we could work together.”

Head to bit.ly/3E5rFcE to listen to the podcast and then take action, if you need a new lease of life as a local broker.  Just contact NigelLaw@GauntletGroup.com or RogerGaunt@GauntletGroup.com to discuss your potential future.  Another podcast about the topic of broker de-authorisation can also be found at bit.ly/3EIixMa

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