Compliance Vault FAQ’s
Once an Agent has paid, they need to Update their Profile to provide their company information, so the Compliance Vault Team can perform their checks and due diligence.
Once the team confirms the success in joining the Compliance Vault the Agent will receive their policy
If they choose the finance option, before the agent becomes compliant they need to:
1. Provide a company profile (ID, proof of address etc.)
2. The first month’s payment needs to be paid
3. Complete a call with the Sourcer Manager, to discuss your CV cover
This may take up to 14 days days. If you wish to add Listings to the platform, then these steps are a MUST.
12 months. It is an annual cover.
Yes. If agents decide to not use SI’s Client Bank Account, then all agents are required to have their own separate ring-fenced Client Bank Account. It is a legal requirement by the Estate Agency Act, that anyone connected with a property deal, is required to have their own.
Check it out in Section 12 (2) and (4) https://www.legislation.gov.uk/ukpga/1979/38/crossheading/clients-money-and-accounts?view=plain
If the agent does not have one, then they are opening themselves up for legal prosecution.
As part of Compliance Vault, we now provide an Client Bank Account – a legally separate ring-fenced and insurance-backed Client Bank Account product. Terms and Conditions apply.
Yes. The agent will have access to the Confirmation of Professional Indemnity Insurance Letter from our brokers, Howdens, within the Compliance Vault Dashboard, under Legal Documents.
The agent will also receive a policy schedule to prove that they are fully compliant with Professional Indemnity Insurance Cover to send to their investors.
The agents are insured directly under SIMS Sourcing Limited, which is underwritten by multiple industry-specific insurers which means they have the best and most specific PI cover for all sourcing activities which is what makes the Compliance Vault so special.
The Compliance Vault product has been specifically designed by Sourcing Investments for Sourcing Agents, Agents and Investors.
The agent is covered for Site Sourcing Activities as specified in the Statement of Fact for up to £500,000 per claim (with amazing unlimited legal costs covered in addition to the £500,000 claim).
The policy is the only industry policy that has been specifically designed for Sourcing Agents, Agents and Investors in the property industry. All you need to know is you are in safe hands!
- The great news is all types of agents can cover under the Compliance Vault:
- *Sourcing Agents
- *Estate Agents
- *Lettings Agents
Everything is designed to make your life easier, reduce risk and allow the agents to focus all their time on revenue-generating tasks!
No. The policy only covers the agent, not any other 3rd party Sourcing Agents.
The devil is in the detail, for example: If the purchasing investor is the agent’s own client and have contracted directly with them using the Compliance Vault T and Cs, and they find a property through another agent, then they need to have a clear legal agreement with the other agent, to show that the agent will pay them (e.g. 50% of the sourcing fee) upon completion of purchase with their investor.
You also need to make sure the agent will see the property and have done all their own professional due diligence on the property – if the agent cannot provide any evidence of this, and the deal goes “wrong” with their investor, the agent may jeopardise the cover.
Only the agent who purchased the CV is covered for their site sourcing activities, not other agents who they deal with. They need their own PI Insurance and memberships of all the regulatory bodies.
Yes. The agent will receive their very own certificates directly from ICO and PRS. The agents will be searchable on their register/website under their company names.
For AML (HMRC) registration, the agent will be covered under SIMS Sourcing and will not be searchable but fully protected.
An agent will be sent, by email, their own proof of CV policy schedule to provide to investors and bodies.
As part of Compliance Vault, on the first working day of every quarter, you are required to answer questions about your sourcing activities.
You MUST follow all processes and use the right documentation for your site sourcing activities that are aligned with the Statements of Fact document provided by the Insurer. This is about avoiding claims by being professional.
The quarterly submission allows the insurers to assess if there are any current risks to ongoing projects.
Important: All clients who purchase Compliance Vault must at any time inform the CV Team if there are any issues with the project that may result in a claim. Failure to do so may jeopardise your cover – so please keep open communication with us at all times.
If you need to (Know Your Client) checks on an investor then you need to complete an Incident Report on your Compliant Vault dashboard.
If you need to make a PRS or ICO claim, contact the team.
Yes, if a claim is successful, there will be an Excess payable by the Agent:
*£2,500 for professional indemnity insurance
- *£200 fee to pay for PRS/ICO
- Please note that by following all processes designed for the Agent which minimises your risk, the likelihood of a successful claim is low.
The SI platform provides all the services and benefits of a successful agent, which include:
* Integrated segregated insurance backed Client Bank Account
*Messaging Area with investors and power teams
*Access to investors with capital ready to deploy into UK property
*The Agent’s very own Account for their very own investors where only they can see their deals
* Optional Business Growth meetings with SI Sourcer Team to look to grow the agent’s revenue year on year
That’s ok, we’ve got you! We are able to offer a flexible finance option which starts from £130 a month plus the option to pay within 30 days (no interest), 3, 6, 9 and 12 months (1-6% interest).
Investors!
Get the latest deals straight to your inbox!
