This extends PTI’s existing approval as an IFA network and means the company can operate as a ‘total’ retail financial services network, offering intermediaries access to all those retail financial product areas which, from November 2004 and January 2005, will be regulated by the FSA.
Full FSA approval marks a major milestone in PTI’s strategy of establishing a nationwide Financial Services Supermarket which will comprise a network of up to 500 branches, each owned and operated by its Appointed Representatives and able to function as true one stop shops for clients seeking financial products and high quality advice.
Mike Allison, PTI’s Managing Director, said: “This is the latest stage in a process which has been taking place over the past few years to develop and implement a business infrastructure to enable us to operate efficiently across all product areas. Come January 2005 we will be able to operate as a complete network able to offer intermediaries access to a comprehensive range of products and services through our Financial Services Supermarket and its rapidly growing regional branch network.”
He added: “We anticipate that this news will provide a major boost to our objective of recruiting intermediaries as Appointed Representatives of our Financial Services Supermarket.”
PTI’s policy is to offer Appointed Representatives full and independent access to the whole marketplace for regulated retail financial services products. It does not operate restrictive panels of providers, as is the case with many other networks. In addition, it offers Appointed Representatives a comprehensive and fees free package of administration, compliance and marketing support services. These services are also available on a fee basis to intermediaries who choose to be directly regulated by the FSA.
Earlier this month PTI unveiled the PTI Dashboard - its web-based state of the art client and business administration system. This has been designed from the ground up to enable PTI network members to boost the profitability and efficiency of their businesses and to meet all FSA compliance requirements.
