Advisor role help!

[Bigpizzalover]

Hey, not sure if my original post, posted.

So I hold CeMAP and CeRER, and I am employed by a company.

I have been approached by family members/friends/friends of friends etc asking me to help set them up mortgages (never breach data protection, inform companies I’m phoning of behalf of people, let xxx company speak to xxxx person to get their consent to continue with me), to help them find the best deals, so researching different companies using the LTVs and send them on the way to the company that I feels the best for them, and answer questions in general.

As you can probably guess, this takes up a lot of my time and energy and I was thinking of charging a small amount just for my time and knowledge (wouldn’t be offended if they said no, would just ask for example I’d get xxx at work and this on top of my job would a small amount for my time and resources be okay, or something like that)

I was just wondering, to do this would I need to apply to the FCA for the license to be self-employed and pay the annual fee to them or not, as I wouldn’t be doing this as a business just as and when, and not always taking a payment (obvs any earnings I would declare) the application fee can be as much as £1500 to the FCA and the annual license fees can cost as much as £1000.

Thanks

Anyone?

Thanks

Sorry, too tricky for me. It sounds like self employed. Why don't you contact the FCA and discuss it with them?

Don't you need personal insurance in case any of their decisions backfires?

Plus you would lose tax on each payment as I presume that you have used up your personal tax allowance.

Hey, thanks for your reply, yes contacting them would be a good idea... I suppose I just didn’t want them thinking I’d already done self employed work (even though I’ve never received a payment, was just happy to help out) and make me pay the fee regardless haha. But yes, hearing the answer direct from them would help.

TERF I’ve only helped complete the application on behalf, let the company actually provide the advice and let friends/family make the decision based on that... the same with rates looked at the best and then let the people talk to the company so never needed PI, but yes if I’m to receive any payment I would need PI, that’s also a reason why I was wondering about the self emp and fees as then I could actually offer the advice too and take payments. Thanks 😃 going to give the FCA a call tomorrow and find out exactly what needs to be in place, and to be honest if I need all the covers and things I’ll be quite happy to just point my friends to other brokers, as mentioned I’m already employed so don’t really need the funds - or the impact on my time that much haha.

Whoa! You could have the start of a new business here!

Haha maybe in a few years single 2 young kids at home so I like the stability of employment at the minute and don’t have the time to run it as a full on side business, just a shame the fees are so high if they are needed ha!