This will offer ISL’s 370 appointed representative (AR) firms an route to direct authorisation (DA).
FMO already provide FSA compliance support services to directly authorised IFAs, Mortgage and General Insurance brokers in addition to a comprehensive range of products including the FMO Mortgage Club a 12 lender packaged panel, commercial mortgages and loans. Support 4 Group provide directly authorised IFAs with access to product providers and insurance companies with enhanced commissions and discounted research and IFA software.
Commenting on the strategic alliance, Alan Hill, FMO’s group MD, said: “The combined services of FMO and S4G offer a more comprehensive and cost effective range of products and services to IFAs and mortgage brokers than currently available from Bankhall or Point One, and judging by the number of enquiries we have received from ISL members there is a great deal of concern and confusion over their future. Combining our services with S4G enables us to offer ISL members a competitive alternative to remaining with the company who they may feel has let them down. We are in the process of putting together one day workshops for both IFAs and Mortgage Brokers who want to change from AR status to DA, and our support costs will be less than 3% of turnover. Full details of these charges will be available within the next few days”.
Steve Jenkins, joint MD of S4G, said: “Both S4G and FMO have a wide range of products to offer the IFAs and mortgage brokers, but the crucial initial hurdle is to help ARs obtain Direct Authorisation and together we have the expertise and resource to do this. Our combined offering will give IFAs access to enhanced Insurers commission rates and Mortgage procuration fees in some cases better than those available via Bankhall. Ironically the directors of both FMO and S4G own IFA businesses that were early members of the Bankhall organisation, and some years ago took their practices to direct authorisation because they considered that this was better for their businesses”.
