Non-regulated advisors can become an associated representative of Connect Mortgage Club’s non-regulated network in order to transact these businesses.
Fully authorised brokers will have access to a further range of products and services.
Connect’s head of operations Kevin Ward says: “We believe that our service will appeal to those brokers who have decided that the financial and administrative burden of regulation, is not worth the aggravation. The recent failures of large networks like Honister prove just how vulnerable intermediaries are if their principal is financially compromised and direct authorisation does not suit many adviser firms, because of its cost and high maintenance.”
“The added value for our AR’s is that they can refer clients, whom they identify as needing regulated advice, to our in house team, who will provide advice directly and pass on a competitive referral fee on completion. This is a business model, which will suit a lot of intermediaries, who are tired of being let down by the polarisation of financial services advice.”