Coversure Insurance Services compliance preparation is near to completion, revealed chairman Mark Coverdale at the company's AGM and conference.
Coverdale said 85% of the work had been completed by the network's head office, leaving its brokers with only seven steps to complete to ensure compliance with FSA regulation.
He said intermediaries should view regulation not as an obstacle, but as a central tenet to the way they did business.
Coverdale went on to criticise the number of start-up broker networks. "A number of rival networks are being created by groups and individuals with little experience of the difficulties involved in administering the day to day running of a group of seemingly like-minded brokers.
"They also seem to have no idea of how, or indeed if, they will make money.
"While I am certain that there will be successes there will also be failures and the broker-customer relationship will be destabilised once more. We aim to make the most of this opportunity by targeting as many orphaned clients as we possible can and finding a stable home for them with Coversure."
