Connect launches unregulated network

Sarah Davidson

September 24, 2012

Connect’s team can also deal directly with clients who are referred to them for regulated advice and pay competitive referral fees.

Brokers who wish to become authorised need to apply to confirm fit and proper status with full checks being made.

Once approved brokers will gain access to a wide range of products, services and help from the Connect team, which are highlighted on its new website.

Connect’s head of operations Kevin Ward said the service is a lifeline for companies who want to write buy-to-let, commercial and bridging business simply and efficiently and refer clients needing regulated advice without becoming entangled in the regulatory minefield.

He said: “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.”

He added: “ The added value for our ARs 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.”

Sign up to our daily email