It also forms a new compliance team to provide tailored support
Mortgage and insurance network Stonebridge has enhanced its compliance operating model to improve individual support to its 500-plus appointed representative (AR) firms, and created a new compliance team, specifically for new joiners.
Stonebridge said the updated model ensured each AR’s respective business standards team is based on the profile of the firm, with larger and rapidly-growing ARs supervised by dedicated teams, while smaller/sole trader operators had their own dedicated support units, meeting their different needs.
The network added that the change would allow for an even more tailored approach for individual member firms, plus a number of additional benefits, including greater access and support from the network’s field-based business standards managers.
In addition, Stonebridge has formed a new partner compliance team, which is tasked to assist new firms and advisers in attaining competent status by providing more focused support and training in the early stages of trading as a member of the network.
Due to the network’s growth trajectory, Stonebridge said it had invested further in its personnel with a series of internal promotions and the creation of eight new permanent roles at its Basildon head office, bringing the total number of employees to over 115.
Read more: Stonebridge reveals strong growth.
“As the network continues to grow, it is vitally important we support our exciting trajectory by continually enhancing our already excellent compliance operating model so it can continue to deliver the bespoke and tailored support each of our AR firms has come to expect,” commented Rob Clifford (pictured), chief executive at Stonebridge.
“Stonebridge moved away some years ago from the ‘one size fits all’ supervision approach that some networks still seem to use, and this latest enhancement to our model further develops our concept of bespoke support, appropriate to the size and risk-weighting of each AR firm.
“We also have the establishment of the new partner compliance team, and its aim is two-fold: to provide a dedicated service for new firms and advisers as they transition into our supervision program, and to allow the remaining business standards teams to focus purely on delivering quality service and support to the existing 1,000-plus advisers currently operating within the network.”
Clifford stressed that the Compliance Operating Model was a vitally important part of Stonebridge’s overall offering, and they would continue to invest money, time, and resources into it.
“We have added considerably in terms of support staff, particularly the promotion of existing staff within the business standards’ team and the creation and recruitment of eight additional full-time roles in order to make sure our members have the coverage, access, and support they need to continue growing while ensuring their business quality is of the very highest standard,” he added.
