Reviewing intermediary applications
🎯 Purpose
Standard operating procedure for the review stage of intermediary onboarding. The outcome of this SOP is a documented accept / decline / refer decision on each application.
Owner: Distribution Operations Manager · Performed by: Sales Operations Analyst · Frequency: per application · SLA: 3 working days
📊 Operational overview
Operational review metrics
- Review SLA target: 3 working days
- Four-eyes review compliance target: 100%
- Incomplete application return rate monitored monthly
- Same-day sanctions escalation target: 100%
- Evidence attachment compliance monitored through QA reviews
Continuous improvement priorities
- Reduce onboarding review delays caused by incomplete submissions
- Improve fit-and-proper assessment consistency across analysts
- Increase automation within sanctions and adverse-media screening
- Monitor referral and decline trends for process insights
- Strengthen evidence-quality standards for audit readiness
✅ Prerequisites
- Application pack received in full (application form, FSP licence copy, bank confirmation, CV of key individual)
- Reviewer holds the Sales Operations Analyst role and is not the introducing contact for this intermediary
⚠️ Escalation requirement
Any sanctions hit must be escalated to Compliance on the same business day and recorded within the CRM audit trail.
✅ Procedure
Confirm completeness against the intake list in the Onboarding checklist. If any item is missing, return the pack to the applicant with a single consolidated request — do not drip-feed queries.
Validate the FSP licence number on the FSCA public register. Capture a dated screenshot as evidence.
Perform the fit-and-proper assessment: qualifications, experience, regulatory history. Record the assessment in the review template.
Screen the entity and key individuals for sanctions and adverse media using the screening tool.
Record the recommendation (accept / decline / refer) and route to a second reviewer for the four-eyes check (CTRL-D-03).
⚠️ Exception and escalation handling
- Any sanctions hit: decline, escalate to Compliance the same day.
- Licence category does not cover the products in the requested mandate: refer to Distribution Manager.
- Adverse media that is unverified or immaterial: note it, proceed, flag for 6-month re-screen.
🧾 Records and evidence
Store the completed review template, evidence screenshots and screening report against the CRM record. Retention: 5 years after relationship end, per the Records Retention Standard in Policies and Standards.