Give and take

With the deadline for the new Financial Services Authority (FSA) compliance regime fast approaching, brokers and intermediaries who have not yet decided on their approach face a simple choice. Do they apply for direct authorisation by the FSA or do they become an appointed representative (AR) under a contract with an authorised company? On the face of it, it looks an easy decision. Why not let someone else worry about authorisation and the ongoing responsibility for compliance, while the broker gets on and does what brokers do best, advising their clients? But it is not that straightforwa...