As an Introducer Appointed Representative (IAR), you want to be helpful and clear with patients while staying fully compliant with the Financial Conduct Authority (FCA). This means you introduce patients to Practi and can display non-real-time financial promotions, but you cannot provide advice on rates or guarantee approvals.
Discussing Rates and Terms
As an IAR, you can:
Provide general information
Example: “You can visit Practi to find detailed information on rates and terms available.”
Display pre-approved promotional materials
Use posters, flyers, and website links for patients to review in the office or take home.
As an IAR, you cannot:
Tell patients the rates and terms directly
Example of what not to say: “We offer interest rates of 0% for 12 months and interest-bearing for 12 months and over.”
Reason: Rates are set by the lending partner based on each patient’s creditworthiness. Not all rates are guaranteed, and sharing them directly exceeds the IAR role.
Offer financial advice
Example of what not to say: “The 0% finance option is best.”
Reason: Providing advice requires specific FCA authorization.
Examples Customer Interactions
Scenario 1: Customer asks about interest rates
Question: "What interest rates are available?"
Answer: "I'm unable to provide specific rates, but I'll send you a link to Practi's website where you can see all the rates and terms."
Scenario 2: Customer wants to compare options
Question: "Is it better to use Practi or another finance provider?"
Response: "I can't make any comparisons for you, but I'll send you the information from Practi so you can make an informed decision."
Scenario 3: Customer wants to know if they'll be approved
Question: "Will I be approved if I apply? I don't want to affect my credit."
Answer: "Decisions are made solely by the lender, so I cannot guarantee if you'll be approved. I recommend reaching out to Practi, or I'll let them know to follow up with you."