Smart Money is making the services of its compliance department available to introducing brokers who require assistance to gain their full permissions for second charge advice.

The specialist lending distributor, which recruited Phil Bond to head up its compliance function in May this year, has reported a record month in June for applications and has the largest pipeline it has generated since it launched in 2011.

Paul Crewe, director at Smart Money, said many brokers they are talking to are daunted by the prospect of applying for their full permissions when the interim arrangement runs its course.

He said: “It is becoming clear that while the scramble to be registered for interim permissions was surprisingly hassle free, the regulator rightly is expecting firms to be able to provide not only an application but the documentation and full and complete evidence of their businesses, plans and suitability to continue advising in this area.

“We decided that with full regulation of the sector coming in 2016, it was important for us that we were completely ready. Recruiting Phil Bond with the level of experience he has gained in the regulatory and compliance field over many years, has been a real boost for our business.

“His department is now ready to provide services to our introducers, to help them apply for full permission with confidence and ensure they are complying both now and in the future.”