TMG offers up two DA firms for brokers affected by coronavirus layoffs

Ryan Fowler

March 24, 2020

The Money Group (TMG) has offered two Directly Authorised firms to brokers who have lost their jobs due to the ongoing coronavirus (COVID-19) crisis.

Both DA firms come with full FCA permissions, an active PI policy and bank account. Martin Stewart (pictured), director at TMG, said the businesses would be available to either individuals or groups of brokers.

He added: “I do not think anyone is under any illusions about just how worrying the current times are for our industry and the country as a whole.

“But we made a commitment last week to attack the problem before it attacks us.

“We often start a business but for one reason or another plans change and that means we find ourselves with two Directly Authorised companies, with full FCA permissions and with an active PI policy and bank account.

“We are aware from the grapevine that many brokers are now being made redundant, having hours reduced or just being sent home and told to wait it out.

“If we can take help just two, or a small group of like-minded brokers to get back in the saddle as
soon as possible then we will “

Fellow TMG founder, Scott Thorpe, said: “Often, the worlds great businesses are formed in adversity.

“There will be brokers out there who last month thought they were a valued member of the company they worked for but are now seeing that money talks quicker than platitudes.

“Our offering will not be for everyone but there will be some advisers out there who will have been thinking for a while about going it alone and we are offering to help them if we can.

“Given the priorities within the FCA at the moment I would suggest that getting authorised by them will have much more red tape and now possibly take 12 months – time that many might not have.

“This opportunity would only suit experienced advisers with their own client bank. We won’t allow the current situation to stop us expanding and would urge brokers to get ready today for the upturn which, when it comes, will come fast.”

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