June 14, 2024

Applied Systems Europe has announced an expanded partnership with Bravo Networks in order to support client money management for Applied Epic brokers.

According to the announcement, the partnership has enabled Applied Systems to complete architecture enhancements that deliver new reporting functions and compliance assurances, ultimately allowing Bravo Networks to support brokers with their FCA compliance responsibilities, which will enable additional cost savings and scalability.

Scott Bennett, Managing Director, Bravo Networks, commented: “At Bravo Networks, it’s all about evolving the broker proposition and acting as an extension of each brokerage’s in-house team. As we have a growing number of Epic brokers in our network, we are pleased to add Applied Epic to the list of systems we can support for client money functions so our team to help them navigate the regulatory landscape in an easy and cost-effective manner.”

It is important to note that client money refers to the risk management services for this highly regulated and specialised area, including completion of client money bank reconciliation and insurer payments.

From what Reinsurance News understands, Applied Epic brokers can work directly with Bravo Networks to set up their client money function and receive benefits, which include the management of external audit and relief of bank charges on the business client money account, among various others too.

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Tom Needs, Chief Executive Officer, Applied Systems Europe, said: “Brokers are focused on providing the best advisory services to their clients, so leveraging the Bravo Networks allows them to extend their teams’ capabilities and reduce the time and expense of handling client money. We are thrilled to partner with Bravo Networks, enabling Epic brokers within the network to spend their time and energy where it matters most each day.”

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