Lynx Group is setting up a sister IFA network to Bankhall to help intermediaries advising on mortgages, general insurance and unregulated products cope with escalating compliance demands.
Due to launch on October 15, Point One will negotiate higher commission fees and exclusive deals for intermediaries concerned they will struggle to cushion the financial blow delivered by tougher regulation requirements after N3.
Lynx says the network – due to be announced at Bank-hall's conference in Monaco this week – will provide IFAs with comprehensive sales support, mortgage-sourcing software and advice on compulsory Cemap and Maq training.
It will give brokers access to online quotations on non-regulated insurance products, including term insurance, critical-illness cover, PMI and Asu. Professional indemnity insurance will be negotiated and intermediaries can get assistance from the 90 compliance officers working for Bankhall. Membership is free but Point One will take an undisclosed percentage of commission.
Head of sales Mike Buckley says: “With N3 looming, Point One will provide a single point of contact and support for intermediaries, with the additional and increasingly important benefit that lenders are assured of the compliance status of member individuals and firms.”
Riach Independent Financial Advisers proprietor Bob Riach says: “It is the smaller IFAs – who do not have back-office resources – who could really benefit from this service. I just hope it can back up with the admin that something like this takes.”