All for one or one for all?
Debate rumbles on over which status is better for brokers: Choosing whether to become an appointed representative of a network or directly authorised is one of the most important decisions made by brokers.
Experts highlight risks for DA brokers, two of the biggest being that they have to report straight to the Financial Conduct Authority and they are solely responsible for compliance. The risk of future liabilities from advised mortgage sales having to rest with the DA is a major threat that prompts thousands of brokers to remain as ARs under the protective umbrella of a network.
With regulatory demands piling up, network heads say it is crucial for brokers to consider how they would be affected if they were to report directly to the regulator.
Being in a network means effectively tying oneself to a business partner, so it is important for brokers to know who they are dealing with, if you sit under a network as an AR, it is important to pick one that fits your business model; one you have an affinity with!
Before anyone picks up a glossy brochure or trawls the Internet looking at what’s on offer, you need to stop and think about your own business. What do you want from the network, the future and most importantly what is right for you. Often advisers make a mistake of joining a network or organisation because someone else said it’s good. Being “good” and being “right” are two completely different things, a pair of wellington boots are good, but not if you’re going swimming.
Here at Beneficial Life we work closely with you as a broker and depending on your needs, whether you’re new to the mortgage broker industry or you’re just wanting to join us after being with another network that didn’t quite work for you, we will make sure we help you grow your business and guide you where needed, whilst giving you our support we also have a highly professional team working in the background to ensure you have access to all of the top products for your clients and working on hand if you need anything at all.