This section covers the necessary steps to be completed in order to become an IAR of Knoma
As Knoma's longer loan term product is regulated by the FCA, there is a set process that needs to be followed until partners can offer this product.
As your principal firm, Knoma is accountable for all regulated activity performed by you and for the outcomes you achieve for customers. Therefore, there are increased regulatory requirements that Knoma needs our partners to complete.
Firstly, partners will need to complete Knoma's due diligence questionnaire. To meet our regulatory requirements, we need to ensure our partners are meeting quality standards, delivering high quality educational courses and are financially stable. This questionnaire will need to be completed annually.
Once our team has reviewed the questionnaire and are happy with the information provided, we will conduct both director & business credit checks.
Provided the checks and questionnaire meet our requirements, we will send over both the IAR Agreement & the IAR Introducer Agreement. Both of which need to be completed before Knoma can submit an application to the FCA for a partner to become an IAR.
The IAR Agreement outlines the responsibilities as an IAR of Knoma & the IAR Agreement outlines the commercials for the regulated product.
Once both documents have been reviewed and completed by both parties, Knoma has appointed you as an IAR and will submit an application to the FCA register (the review process can take up to 30 days).
Knoma will notify you when you have been successfully approved as an IAR.