The direct authorisation support service fees amount to 2.5 per cent of turnover plus VAT, or £105 per calendar month. The group are also looking for 250 appointed representatives (ARs).
The collaboration is looking for 2,000 firms under regulation, alongside the 1,000 firms or 2,000 brokers MSN has indicated are already on its books.
The new venture will pre-vet broker FSA applications, aid brokers to track the progress of applications online, offer bespoke training and competence schemes, regulatory updates, meetings and helpdesk facilities.
Jason Graham, managing director of MSD, commented: “The culmination of our extensive experience in the mortgage pure protection and general insurance markets and the skills and experience of SimplyBiz in dealing with the FSA certainly make MSD a leading and cost-effective choice for all brokers.”
Ken Davy, chairman of SimplyBiz, said: “Brokers must act now if they wish to apply direct to the FSA. The deadline date for applications is almost upon us.”
