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Jessica Darnbrough
Vow Financial’s chief executive officer Jeff Zulman has warned brokers not to underestimate the work involved in holding their own licence under the forthcoming legislation.
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Speaking to The Adviser Mr Zulman said brokers might like the thought of holding their own licence, but they need to be acutely aware of what is required from them in terms of compliance.
“If you choose to get your own licence – that’s great, but the process and work only starts when you get your licence,” he said.
“You can tick all the boxes and say you have all the mandatory processes in place, but you need to make sure you actually do have them in place. If you get picked up for not complying with the regulation – that’s the end of your business.”
Mr Zulman said brokers should talk to their aggregator to understand what is required of them under the new regulations before making a decision one way or the other.
However, that said, he also advised brokers not to leave their decision until the last minute.
“Don’t leave it until the 11th hour, because there will be hundreds of brokers all trying to get their application passed through the eye of a needle at the same time, and some simply won’t make it,” he said.
“And, if that happens, you will not be allowed to operate into the New Year.”
