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Does Your Sourcing Compliance Package Truly Cover You?

Does Your Sourcing Compliance Package Truly Cover You?

Property sourcing compliance can be challenging. Recently, there have been discussions about the effectiveness of third-party compliance packages, which promise full coverage but often fall short. At Sourcing Investments, we want to ensure you have all the facts about our Compliance Vault and how it meets and exceeds compliance requirements.

Common Issues with Third-Party Compliance Companies

Some companies advertise full compliance, but agents frequently encounter issues:

Incomplete Registrations: Some agents find their registrations with the PRS, ICO and HMRC AML are incomplete or under the third-party company’s name instead of their own.

Inadequate Insurance: Default policies often don’t match the specific needs of the sourcing business.

When we designed the Compliance Vault, we identified these issues early on and worked with industry bodies and insurance professionals to solve the problem.

Sourcing Investments’ Compliance Vault: Addressing the Challenges

1. PRS, ICO and HMRC AML Registration

Our Approach: Agents using the industry-leading Compliance Vault are contracted under the Compliance Vault. This means that while they are a direct contractor under the Compliance Vault for HMRC AML registration they still maintain their own registration with the PRS and ICO and operate freely within the legal terms of the contract. 

Benefit: This ensures that agents are correctly registered and fully compliant with HMRC’s AML requirements as well as with the PRS and ICO.

2. Tailored Insurance Policies

Our Approach: The Compliance Vault includes comprehensive insurance that covers most sourcing activities and can be extended for additional sourcing strategies such as; project management. 

  • i) Planning & Development Agency (no investment advice or guarantees)
  • ii) Project Co-ordination (no project management)
  • iii) Feasibility Studies (no project management)
  • iv) Estate Agency
  • v) Lettings Agency
  • vi) Site Sourcing for Properties / Land
  • vii) Sourcing Rent to Rent Properties
  • viii) JVCs (Joint Venture Agreements)

Benefit: Agents receive insurance policies tailored to their specific business operations, ensuring complete protection for their activities.  We also have agents with extended policies for sourcing activities such as project management that fall outside the comprehensive list above. Our insurance partner is an expert in the sourcing sector and will consider extended insurance on a case by case basis.

This comprehensive policy covers all properties advertised on the Sourcing Investments Marketplace and also through all your business channels.

Why Choose the Compliance Vault?

Cost Savings: Our package offers all necessary components at a fraction of the cost of managing it alone.

Time Efficiency: Save time with a streamlined, user-friendly platform and automatic legal updates.

Document Suite: Access all the documents you need when you need them. Every document is automatically updated to the latest regulations.

Complete Coverage: Ensures all aspects of compliance are addressed, including bespoke solutions for unique sourcing strategies and comprehensive insurance with a Sourcer Industry specialist who understands the nuances of property sourcing.

Who the Compliance Vault Isn’t Right For

While the Sourcing Investments Compliance Vault offers extensive benefits for most sourcing agents, it may not be the ideal solution for every scenario. Specifically, it’s not suited for:

Developers of complex deals. Complex multilevel projects with multiple properties and investors would not be covered and require specialised insurance.

Letting Agents looking to use our in-house client account to manage rents. Our client account is designed to hold sourcing fees and staged renovation funds. It’s not suitable to hold tenant rents or deposits.

Agents looking to raise finance from investors. The compliance vault does not cover fundraising activities from multiple investors.

Large Companies, franchises or Estate Agencies with Multiple Agent locations: If you have a significant number of agents operating under your company banner, across multiple locations, dealing with complex sourcing strategies subject to more stringent regulations, and requiring bespoke insurance risk products, the Compliance Vault might not meet your needs.

Businesses Seeking Independent HMRC Registration: If your company prefers to have its own HMRC AML registration under its business name, rather than operating under the Compliance Vault’s umbrella, this solution may not be suitable.

If you’re not sure if the Compliance Vault is right for your business, reach out to our expert In-house Sourcing & Compliance Team, here.

Conclusion

Navigating property sourcing compliance doesn’t have to be a burden. With the Sourcing Investments Compliance Vault, you get comprehensive, tailored compliance management that saves you time and money.

Click here to learn more and get started today.

Read more on property sourcing compliance…

The right SIC code for property sourcing

Simplifying Property Sourcing Compliance with the Vault

Thanks for reading

Chris Dowty

CEO, Sourcing Investments

Chris Dowty, Founder and CEO - Sourcing Investments Ltd

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