Simpson expressed his concerns during a panel discussion at the NACFB Expo in Birmingham and said: “The FCA needs to understand what a commercial finance broker does.
“They seem to have put everyone together in the same category. It is essential that they understand the role.”
And the panel also issued a stark warning to brokers who do not hold the relevant permissions.
Simpson said: “10% of brokers who needed permission didn’t get it when they needed to and as such are having to apply now.
“96% of NACFB members have interim permission but there are people in the wider community who didn’t get them but should of.”
Suzanna Walker, compliance director at Bridgebank Capital, added: “There is no CCL anymore. If you haven’t got your permissions get it. If you want to keep brokering deals you will have to have the right permissions.”
