Brokers committed to DA status says TMA

TMA\'s directly authorised broker survey shows almost two thirds of DA brokers think recent stories regarding some networks withholding proc fees has led them to reaffirm their commitment to DA status.

Some 58% of those surveyed reported that such stories has reaffirmed their commitment to remaining DA whilst only a quarter, 25% reported that the issue had not affected their thoughts on regulatory status.

While 17% responded by saying that maybe they have had some effect.

The DA survey was launched by TMA in order to gather feedback and views in response to difficult market conditions, the imminent April deadline for DA firms to extend permissions and concerns over procuration fee payment.

The results gathered from this online survey will be used to highlight any potential fears, opening or developments in the market which TMA will look to address in the future.

Phil Whitehouse, head of TMA, says: “These figures illustrate the importance of prompt payment to brokers and highlight the concern over this issue which has been infuriating brokers over the past few months.

“I am sure the majority of networks are working hard to keep their houses in order but this issue obviously remains a concern for some brokers. Prompt payment of proc fees and commission for ancillary sales certainly remains a key requirement for the intermediary market.”