What is Sourcing Compliance and how can we help?

If you wish to start your career as a property sourcer in the UK, then now is the best time.  The industry is booming and provides a plethora of opportunities to grow and excel. You can easily make good profits by negotiating and packaging deals to the right property investors. However, before you get started, make sure that you are compliant with the property sourcing regulations of the industry in UK.

There are many reasons why property sourcing compliance is crucial to thriving in this industry. Take a look below:

Property Sourcing Industry is Strictly Regulated

It is vital to become a compliant property sourcer as the sourcing industry is now under the spotlight from regulators. Thus, if you are compliant, you can avoid the risk of losing thousands of pounds in fines, or worse, still a custodial sentence. Ignorance is no defence when it comes to breaching these property sourcing regulations.

Investors Prefer Compliant Property Sourcers

The majority of potential property Investors prefer to work with only compliant Property Sourcers or those with insurance. This is because they know that a compliant property sourcer works in conformance with the industry regulations. Therefore, they can trust the sourcer and feel confident that their hard-earned money is not at risk.  By not being properly insured you run the risk of liability for £000’s in compensation,  if it can be proven you have given out wrong information/advice or are in breach of professional duty.

Build a Stellar Market Reputation

Property sourcing is one business where market reputation can make all the difference as most clients are repeated customers or referrals. So, you must build a strong market reputation. One of the best ways to ensure this is to become fully compliant. By having a strong brand, unmatched skills, and full compliance under your belt, you will be seen as a trusted figure and an authority. Property investors will prefer to work with you over others.

What's the minimum I have to do to be compliant?

The critical steps to sourcing compliance are:

  • Get professional Indemnity insurance
  • Register with ombudsmen
  • Register with the ICO for data protection supervision
  • Register with HMRC for anti-money laundering supervision
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Navigating through these steps can be complex.

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How Can We Help? ​

We offer free registration to all Uk Sourcers with the option to progress to Verified Member status.

As a Verified Member, you will receive a range of templates that will define the processes you should follow in order to reach full compliance.

We provide biometric identity checking, so you can easily prove your identification in a few easy-to-follow steps. verify your identity and become a member today

For the modest cost of this identity checking service and filling in our online application form you will gain access to all of this information and have peace of mind that you are compliant with current regulations and are avoiding the risks and pitfalls of non-compliance.

Join today and fill in our online application.

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