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View from the Top - Network Mania - the bubble finally bursts.
(From Post Magazine)
Byline: Andrew Holman, chief executive at Holman's.
With just two weeks to go before the Financial Services Authority application deadline, it seems the network bubble has well and truly burst - with a deafening silence from all those new offerings that promised to be the saviour of brokers only six months ago.
Since before the FSA rules had even been published, the doomsayers were predicting the end of smaller brokers, claiming they would not be able to cope with the complications and cost of FSA compliance. It was widely reported that these new networks were the only alternative to insolvency for smaller intermediaries.
If smaller brokers haven't been signing up to networks, then they must have been selling up, or so the argument went - surely they can't be about to commit commercial suicide by applying for FSA authorisation on their own?
Unfortunately for the armchair theorists, that is precisely what seems to be happening. The few networks that have thrived have done so because they have a ...
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