If you’re an Accountant and a member of the ACCA or ICAEW, you’ll know that you have to comply with rigorous client consent and notification requirements. Whilst these requirements vary depending on whether the commission or fee received is regulated or unregulated, you need to obtain client consent. Also, you must notify clients of the amounts received as a commission or referral fee.
“It’s the firm’s responsibility to ensure it has all the required client consents and has notified clients, and that all the supporting documentation is in place,” – Dean Neaves, Senior Manager in ICAEW’s Quality Assurance Department (source available here)
To support our Accounting partners in remaining compliant with their chosen industry body, we use RQ to send and receive referrals.
RQ is a Compliant referral platform developed in collaboration with the ICAEW. It allows member firms to introduce clients and collaborate when specialist assistance may be required.
Using RQ is simple. Once you connect with a partner organisation, whether that be a fellow Accountant or the likes of Insurance Brokers or Solicitors, you can set your commercial terms for any referrals sent or received. After your terms are set, you can use the platform to refer clients, all whilst letting your clients know.
“We’re really pleased to welcome Hyphen Digital onto RQ. It’s great to see a forward-thinking firm putting compliance at the heart of their referral process with accountants. By using RQ, they’re not only protecting their partners, they’re showing their clients that transparency and professionalism matter just as much as results.” Sam Green, Account Executive, RQ
On why Hyphen Digital use RQ to track referrals from their Accounting partners, Founder Josh Probert-Waters said:
“Whilst we love working closely with our Accounting partners, we have to ensure they remain compliant with their industry body and avoid any fines. The last thing we want is them to be punished for introducing clients to us!
RQ allows our partners to refer clients looking for Software Advisory and Implementation services, and handles the client notification for them. We’re able to set up referral terms for each partner through the platform, which helps them stay compliant with declaring the potential commission amount. We’ve even embedded our RQ referral link into the homepage of our website.”
Whilst RQ is not a substitute for compliance, it can assist with adhering to the ICAEW Designated Professional Body (Investment Business) regulatory regime
You can find out more about RQ by visiting their website here, or book time directly with Sam Green here
