Why We Don’t Offer “Done For You” Sourcing Services

Over the past week, I’ve had the opportunity to speak with six sourcing agents about “all-in-one” or “done-for-you” compliance services. It’s a trend that’s been gaining traction, and I must admit, it initially sounded quite appealing.

After all, who wouldn’t want a one-stop solution for all their compliance needs?

But here’s the thing: sometimes, what glitters isn’t always gold.

Our Experience With Done For You Sourcing Services

Over the last six months, our team reviewed the compliance of a number of sourcing agents who came to NAPSA from these ‘done for you’ services, and we found a concerning pattern emerge.

Many agents who had opted for these seemingly convenient services were finding themselves in quite a pickle. Allow me to explain.

Imagine, if you will, paying a hefty sum of £1,500 to £2,000 for a service that promises to take care of all your compliance needs. Sounds great, right? But what if I told you that, in reality, these agents were left with:

• Insurance policies were basic and not even listed under their company names

• HMRC registrations confirmations also not listed under their company names

• Missing ICO registrations

• Inadequate documents, including Terms of Business (they were only 1 page long!)

It’s like ordering a full English breakfast and only getting a slice of toast.

The result? These agents found themselves having to spend an additional £1,236 for proper insurance, ICO registration, comprehensive documents, and HMRC registration.

That’s quite a nasty surprise, wouldn’t you agree?

Why We Don’t Offer This Service

Let’s bring it back to the agents I spoke to over the last week.

They were just looking for the best options to set up their sourcing businesses – cost effective and saves them time – so they can focus more on getting deals to investors.

Unfortunately, even with our team of compliance experts who are extremely diligent and thorough when carrying out our 1:1 checks, we can’t guarantee a number of things:

• How much your insurance would cost. It’s not something we can ‘bundle’ into a set price as one agent’s policy could be much higher than another. This is why service providers tend to default to ‘basic’ policies. However, policies should be unique to your business and something you discuss directly with an expert..i.e. insurance broker
• Typos or other registrations mistakes. We work with hundreds of clients at a time through our training course and NAPSA. Mistakes can and do happen. If you set up your own registration, you are far more likely to take the extra care required to make sure your company name and address is correct.

Would you really want to risk a potentially inadequate insurance policy? Or mis-information or incorrect details submitted to your HMRC registration?

We don’t want that on our conscience thanks. We are here to make sure our sourcing agents understand compliance and take control of their business.

Take Control Of Your Own Business

There is a silver lining, and one that I am very proud of.

Through NAPSA Membership you can join our expert compliance training courses – all with 25% off for Members. They have been written and recorded by me (Tina Walsh!) and are updated at least annually:

• Data Protection & AML Training (£71.25)
• Day to Day Sourcing (with compliance focus) (£296.25)
• Legally Required Documents (£596.25)

Combined, these will provide you with all you need to know for setting up and running your business legally and compliantly – including step-by-step video guidance on registrations and insurance.

So we might not be setting them up for you – we are showing you directly how to do it yourself.

NAPSA Membership (£195 +VAT) also offers our agents 1:1 support and guidance.

So, if you choose NAPSA Training + the training courses on offer you’ll be paying just £1,198.

Add in the necessary registrations and insurance, and you’re looking at a total of approximately £2,038.

Compare that to the potential £2,736 you might end up spending with an “all-in-one” service, and suddenly, our offering doesn’t just look good – it looks downright brilliant!

So, what’s the lesson in all of this? Well, it’s simple: when it comes to compliance services, it pays to look beyond the shiny packaging.

The “all-in-one” option might seem convenient, but it could end up costing you more in the long run – both financially and in terms of potential legal complications.

Before you make any decisions, I urge you to take a step back and consider your options carefully. Ask questions, dig deeper, and make sure you’re getting exactly what you need – nothing more, nothing less.

NAPSA is not just about providing services; we’re about empowering you with the knowledge and tools you need to run a compliant, successful sourcing agency.

Why not take the first step today? Reach out to us and discover how we can tailor our services to meet your specific needs. After all, your business deserves nothing but the best, doesn’t it?

Looking forward to hearing from you soon.

Best regards, Tina Walsh

P.S. Remember, when it comes to compliance, cutting corners can cost you dearly. Let’s work together to ensure your business stands on solid ground.

NAPSA’s core mission is to educate the sourcing sector for the better, build credibility and trust from investors who have either heard bad things about sourcing agents or been burned themselves. We are building a community of professional and compliant sourcing agents, whilst providing a safer space for investors to search and communicate with approved and credible sourcing agents.