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 firstname.lastname@example.org.
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.”