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Be wary of network deals, brokers told

In an interview with Mortgage Strategy Hogarth, one of the founders of the support services group, voiced his concerns over the concept of appointed representative status.

Hogarth says: “I am worried about people joining networks because they are attracted by the price and think they have found a safe home. They will get themselves into trouble if the networks have tried to do it on the cheap – one IFA network went bust earlier this year. If this happens members go down with the network and are stigmatised.”

He adds: “I am concerned about networks offering free membership as part of a land grab. In the contract ARs sign, the network probably has the potential to put fees up as they see fit.”

But Network Data managing director Richard Griffiths says: “This has long been Bankhall&#39s stance as it wants advisers to go directly authorised.”

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Preparing for the changes to the pensions market

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