View more on these topics

Home of Choice ARs warned on fast-track reauthorisation

HomeLoan Partnership has warned Home of Choice appointed representatives to be wary of any network promising to fast-track their reauthorisation.

HLP development director Stephen Maskens says ARs should not be taken in by promises from networks that they can be reauthorised within days as this could be a warning sign that regulatory requirements are being overlooked.

He says: “We have every sympathy with Home of Choice ARs and know how much pressure there must be to become re-registered. We experienced the same issues with ARs displaced from Network Data and recognise that it is a very stressful process, but one that they need to get right.

“HLP is keen to attract new ARs, and will process all applications with urgency, but to suggest this can be done in days is simply a confirmation that regulatory requirements are being overlooked. We are looking for long term relationships and want to assist those who are not just looking for an instant lifeline.”

One former Home of Choice AR, Simplicity Financial Services principal Rob Downham, is arranging a meeting for former members of the network next Tuesday 4 May.

The aim of the meeting is to help clarify issues facing ARs such as how the FSA views the situation, how quickly an AR can do business again and what happens to clawbacks and unpaid commission.

Downham hopes to create an information pack for HOC ARs, providing advice on how to limit the damage of their network going into administration.

Downham says: “Anyone who wants to try and get involved in this process should get in touch. Together we are obviously going to be stronger – let’s start talking about it.”

The meeting will take place at the Ramada in Weatherby at 10am and those wishing to attend should contact Downham at rob@simplicityfinancial.com.

Maskens also invites Home of Choice ARs to attend HLP’s business development forums in May.

He says: “For those ex-Home of Choice ARs in less of a hurry this is an excellent opportunity to come and see the network in action and meet our ARs to get a real taste of what HLP is really like.”

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Too many people place far too much faith in ‘networks’. The FSA should look into these ‘commission clubs’ and the OFT should look at the way lenders and insurers create ‘cartels’ with the all too willing ‘networks’ and ‘service providers’.

  2. Quick message to all HOC brokers. Even if you cannot attend the meeting on Tuesday (places are limited to 80 due to room size) please email rob@simplicityfinancial.com so that we can send you information as we receive it. Please also email your questions and own findings so that we can coordinate information.

    The HOC adviser community is still a powerful group of advisers and quality businesses and if we act together we are much stronger.

    Rob and I will help as much as we can as we are going through this with you.

    Chris Downham
    Simplicity Financial Services
    HOC AR.
    08456886168

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com