The specialist lending distributor received a record number of monthly applications in June, while it currently has its largest pipeline since launching in 2011.
Paul Crewe, director of Smart Money, stated that many brokers he comes into contact with are daunted by the prospect of applying for full permissions when the interim arrangement runs its course.
He said: “It is becoming clear that while the scramble to be registered for interim permissions was surprisingly hassle free, the regulator rightly is expecting firms to be able to provide not only an application but the documentation and full and complete evidence of their businesses, plans and suitability to continue advising in this area.”
Smart Money recruited Phil Bond to head up its compliance function in May.
Crewe added: “We decided that with full regulation of the sector coming in 2016, it was important for us that we were completely ready.
“Recruiting Phil Bond, with the level of experience he has gained in the regulatory and compliance field over many years, has been a real boost for our business.
“His department is now ready to provide services to our introducers, to help them apply for full permission with confidence and ensure they are complying both now and in the future.”
