Over the past few weeks I have attended a number of presentations held by some of the networks and acquisitors in their drive to recruit new members and businesses.
While many explained their offerings clearly and reasonably objectively, given they were sales pitches, others left me distinctly concerned.
The cause of my worry was that a few seemed to be presenting a message that FSA regulation would be a nightmare for brokers and that the only option was to sell up or join a network.
This sort of approach is completely reprehensible. Not only is it irresponsible, it is also wrong. I have been keeping a close eye on the FSA's consultation papers and policy statements, as I would hope others have, and there is nothing to suggest that the burden of regulation will be the nightmare that some have presented.
Granted, regulation has a burden, both in terms of time and money, but I am confident that this will ultimately benefit consumers and the industry.
To suggest that the burden is so great as to make direct authorisation virtually impossible is scaremongering.
I hope the FSA will take action to prevent this practice continuing.
Name and address withheld
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