Hiring and Sponsoring Brokers (SOC Code 3531)

Brokers, classified under SOC Code 3531, are essential financial professionals who provide crucial services in the fields of insurance, investments, and logistics. Their role encompasses a variety of responsibilities, including: 

• Insurance Advisory: Advises clients on the suitability of insurance schemes and places insurance on their behalf.
• Client Negotiation: Discusses buying and/or selling requirements with clients, providing advice tailored to their needs.
• Market Analysis: Analyzes information regarding market trends for commodities, financial assets, and foreign exchange to guide clients and employers on suitable investments.
• Order Management: Records and transmits buy and sell orders for stocks, shares, and bonds, while accurately calculating transaction costs.
• Auction Services: Arranges production of auction catalogues, sets reserve prices, attends auctions to bid on behalf of clients, or negotiates purchase/sale by private treaty for unsold goods.
• Logistics Coordination: Obtains cargo space, negotiates freight charges, and signs and issues bills of loading.
• Customs Formalities: Collects freight charges from clients and undertakes necessary formalities related to customs and the loading/unloading of cargo.

With an increasingly complex financial landscape, the demand for skilled brokers is steadily rising, prompting many firms and organizations to seek qualified professionals from around the globe. This guide aims to assist HR professionals in understanding the process of hiring and sponsoring brokers under the UK’s immigration system.

What is SOC Code 3411 for Brokers?

SOC Code 3531 refers to brokers who facilitate buying and selling transactions on behalf of clients, providing expert advice and support in various areas. Their responsibilities can include:

• Advising clients on insurance schemes: Offering guidance on the suitability of different insurance products tailored to individual needs.
• Market analysis: Analyzing trends in commodities, financial assets, and foreign exchange to provide informed advice to clients and employers regarding investments.
• Transaction processing: Recording and transmitting buy and sell orders for stocks, shares, and bonds while accurately calculating transaction costs.
• Auction services: Arranging the production of auction catalogues, setting reserve prices, attending auctions to bid on behalf of clients, or negotiating purchases/sales via private treaty for goods unsold at auction.
• Freight management: Obtaining cargo space, fixing freight charges, and signing and issuing bills of lading.
• Customs and logistics: Collecting freight charges from clients and handling all necessary formalities related to customs as well as the loading/unloading of cargo.

Brokers play an essential role in the financial and commercial sectors, ensuring efficient transactions, securing beneficial arrangements for clients, and navigating complex market dynamics.

Eligibility to Hire Brokers (SOC Code 3411)

1. Job Requirements

Brokers seeking to provide advisory services and facilitate transactions must demonstrate competencies and meet certain qualifications or experience criteria. These may include:

• Professional Credentials: Relevant licensure or certifications in insurance, finance, or brokering to ensure compliance with industry standards.
• Educational Background: A degree in finance, business, economics, or a related field is highly beneficial for understanding market dynamics and investment strategies.
• Experience: Proven track record in advising clients on insurance schemes, investment strategies, and market trends; prior experience in auctions or freight negotiation is a plus.
• Analytical Skills: Ability to analyze market trends concerning commodities, financial assets, and foreign exchange to make informed decisions and recommendations.
• Communication Skills: Strong interpersonal and negotiation skills to effectively discuss clients' buying and selling requirements and convey complex information clearly.
• Technical Proficiency: Familiarity with financial software and tools for tracking transactions, managing portfolios, and calculating transaction costs.

Ensure that the job description aligns with SOC Code 3531 and that the broker’s experience and work meet the expectations for the role.

1. Salary Thresholds
2. Use the Minimum Salary Calculator to ensure your salary offer meets immigration requirements.

Sponsoring Brokers: A Step-by-Step Guide for HR Professionals

Once you’ve confirmed that the role and candidate meet the eligibility requirements, follow this step-by-step guide to sponsoring Brokers under SOC Code 3531.

Step 1: Obtain a Sponsor Licence

Before hiring non-UK Brokers, your company or institution must obtain a sponsor licence. This licence enables you to legally sponsor overseas Brokers under the Skilled Worker Visa program.

• Sponsor Licence Application: Submit documentation proving that your business is legitimate and has a genuine vacancy. Visit the sponsor licence application guide for more information. 
• Sponsor Licence Fees: Small businesses typically pay £574, while larger institutions pay £1,579. For more information, visit the sponsor licence fees guide. 
• Processing Time: Applications typically take up to 8 weeks, but using the Sponsor Licence Priority Service can reduce the processing time to 10 working days.

Once your sponsor licence is approved, you will receive a sponsor licence number, which allows you to assign Certificates of Sponsorship (CoS).

Step 2: Assign a Certificate of Sponsorship (CoS)

Once you have your sponsor licence, the next step is to assign a CoS to the Brokers. This document provides key details about the job and the individual being sponsored.

• Defined vs Undefined CoS: Use a Defined CoS for Brokers applying from outside the UK, and an Undefined CoS for those already in the UK. Learn more in the Defined & Undefined Certificates of Sponsorship guide. 
• Required Documents: Provide details such as the Brokers’s portfolio, passport and job offer. Refer to Documents Required for Certificate of Sponsorship for a full list of necessary documents.

Step 3: Apply for the Skilled Worker Visa

Once the CoS is issued, the Brokers can apply for the Skilled Worker Visa.

• Visa Fees: Fees vary depending on the role and visa length—use the visa fees calculator to estimate the costs. 
• Immigration Skills Charge: Employers are required to pay this charge as part of sponsoring non-UK workers. This is separate from visa fees.

Conducting a Right to Work Check for Brokers

Before the Brokers begins working, you must conduct a right to work check to ensure they are legally allowed to work in the UK.

• Manual Right to Work Check: Verify original documents such as the Brokers’s passport and visa. 
• Online Right to Work Check: If the Brokers holds an eVisa, you can use the UK government’s online system to verify their right-to-work status.

For more details on how to perform these checks, see the right to work check guide.

Post-Hiring Responsibilities and Compliance

1. Record-Keeping and Reporting  
2. • Record-Keeping: Maintain accurate and up-to-date records of the Brokers’s employment details, salary and contact information. 
   • Reporting Changes: Report any significant changes to the Brokers’s role—such as promotions or salary increases—via the Sponsor Management System (SMS).
3. Sponsor Licence Duties and Compliance
4. Failure to comply with your sponsor licence duties can result in penalties or sponsor licence revocation, impacting your ability to sponsor future Brokerss.

How Borderless Can Help with Sponsoring Brokers

Sponsoring Brokers under SOC Code 3531 can be a complex process, but Borderless can simplify it for you. We offer comprehensive support to help you manage the entire sponsorship process.

End-to-End Sponsorship Support

At Borderless, we assist with:

• Sponsor Licence Application: Guiding you through the application process and ensuring all required documents are submitted correctly. 
• Certificate of Sponsorship Assignment: Streamlining the CoS process to make hiring easier. 
• Compliance Management: Helping you stay compliant with immigration laws to avoid penalties.

If you need assistance with hiring or sponsoring Brokers, get in touch for personalised support.

Conclusion

Hiring and sponsoring Brokers under SOC Code 3531 can be a rewarding way to enrich the cultural landscape of your organisation. By following the steps outlined in this guide, you can successfully navigate the sponsorship process while ensuring compliance with UK immigration laws.

For further guidance, Borderless is ready to assist you with all your sponsorship needs. Contact us for expert advice.