Changing Perceptions
The Movo Partnership was created by its members to take advantage of centralising compliance and
operational functions, improving buying power and to help our brokers have more time to do the
most important element of their jobs, which is client servicing.
Our proposition’s aim was to be the most cost-effective way to run a brokerage and to encourage
new start up to replace the brokerages being lost to M&A activity.
Compare Directly Authorised vs Movo Partnership
Directly Authorised |
Movo Partnership |
| As a DA broker, you will be responsible for communications with the FCA including reporting for calculations of FCSC levy’s and RMAR. Likely you will need to engage an external compliance firm to assist you. You will be personally responsible for regulated activities as the firms SMCR. | Movo has an inhouse compliance and governance teams who is responsible for reporting into the FCA. You will still be personally responsible for regulated activities as your firms SMCR but you will be following well established best practice processes. |
Directly Authorised |
Movo Partnership |
| You will either be holding client money under Cass 5 rules or risk transfer. You will be responsible for reserving the regulatory margin, you will have likely had to give personal guarantee to insurers and regardless of how you hold insurer funds, you will need to keep yourself updated on changing regulations and insurers requirements. | You will only be responsible for collection of premiums. Our client money teams will be responsible from that moment on. Using Acturis as a back office system, you will also learn the most efficient way to keep on top of your credit control. |
Directly Authorised |
Movo Partnership |
| You will have the choice of which back office system to use but will be required to modify the system to suit your requirements. Any future amendments will take manpower away from your availability to service clients. Adding e-trade functionality will require finding out who is on the platform you use, agency agreements and making sure its updated. | We provide you with your own Acturis branch, controlled by you, with your own branding and agencies. We have a team which manages the document suite and improvements identified by other members can be incorporated to go across the network. Your full e-trade functionality will be maintained for you and is updated weekly. |
Directly Authorised | Movo Partnership |
| You will be required to manage all your insurer relationships including providing minimum support levels where these are required. You will also be dealing with insurers directly. | You will have access to approximately 400 insurers whose relationship are managed centrally. Some brokers choose to manage some relationship with major insurers directly with a branch local to them. You have the freedom to choose how you trade with insurers but most of our brokers just enjoy the benefits and free up their time to focus on income generating activities. You will also be dealing with insurers directly but with the support of our broking desk when you need market placement assistance. |
Directly Authorised |
Movo Partnership |
| You will be receiving 100% of commission minus any overriders you pay to your network. Any commission enhancements will be hard fought or will come via your network which can be expensive for insurers due to network overriders. | You will receive 100% of your commission, often much higher than standard commissions. Movo do not take overriders from insurers. When we review the accounts with insurers, if we can negotiate uplifted commission amounts, our members receive all the uplifted amounts. |
Directly Authorised |
Movo Partnership |
| You may be part of a network who helps with some agencies and commissions agreements, client money and systems but this will be a ‘hand off’ approach with you still being responsible for the implementation. The costs will vary between £1200 a year to £30,000 + (excluding overriders to insurers and finance providers) | You get all the benefits of being part of a traditional network plus an incalculable amount of additional support. The cost is transparent, competitive, and capped at maximum amount with bandings to suit all size brokers. |
Directly Authorised |
Movo Partnership |
| You may have some profit shares with selected insurers. | Our members have access to selected profit share deals with some of our panel insurers. |
Directly Authorised |
Movo Partnership |
| Independent broking is all about operating competitively and providing great service to clients. Most of the brokers we speak to have been doing this successfully for years and clients continue to use the services of the independents despite the M&A activity creating ever larger single entities. | As a member of the Movo Partnership, you will still retain your independence but will have more time to focus on income generating activities, market clout and support to be successful and compliant whilst also operating more cost efficiently. |
MOVO PARTNERSHIPCould joining Movo be right for you?
