Gerry O'Brien confirms there will be no contract tie-in

6 May 2010 | By Natalie Thomas

Gerry O’Brien, chief executive officer has spoken exclusively to Mortgage Strategy Online and confirmed that appointed representatives will not have to sign a 12-month contract that ties them into the new firm.

Mortgage Strategy had earlier been sent an email by somebody claiming to be the network’s press spokesperson saying that ARs would be tied in, but O’Brien says this will not be the case.

He says: “The contracts will be the standard contracts and they will not differ from the old ones apart from a variation of the FSA authorisation number.”

He says brokers will only be required to sign up to the new network for three months as was the case in the old contracts.

Yesterday Home of Choice confirmed that it’s in advanced talks with LSL Property Services about acquiring the business and this will result in the network going into administration while it’s bought.

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Readers' comments (49)

Dionysius | 6 May 2010 12:13 pm
There are many factors in this sad sorry saga that do not stack up. If one decides to move from company to company it involves a lot of work re-registering with the FSA. Therefore how can HOC go into administration and LSL simply set up a new company and everyone simply transfers. It is a totally new trading entity. Have the FSA given a concession on this. If LSL buy HOC from the administrator that is of course a totally different. From a PR point of view Gerry and Richard have handled this matter very poorly additionally they have been a little disingenious as they must have known months ago that there were problems. Many HOC AR's thought Gerry and Richard were Messiah like. Had they called everyone together and said look chaps the mud is about to hit the fan, but heres the plan things might have been different. Instead it has been as stated previously poor poor. One can only assume Gerry and Richard have been securing their own futures before anyone else
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david dean hoc AR | 6 May 2010 12:16 pm
i personaly think this is good news
and rather than people putting negative responces on here all the time, lets just get on a do what we all do best and book some business, and feel confident that we are now backed up by a multi million pound plc.
The Grass isnt always greener on the otherside!
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John Reid | 6 May 2010 12:25 pm
This is a different story.... Where did the other one go - been censured have we?
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Anonymous | 6 May 2010 12:39 pm
Gerry O'Brien "Show me the money!"

http://www.youtube.com/watch?v=OaiSHcHM0PA
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John Reid | 6 May 2010 12:51 pm
Can you just flip Appointed Reps or Advisers from one FSA number to another one or do you have to re-register with the new name/number etc and wait for approval?..... My understanding is it is a new application process and assessment process to be able to do this. If you sign a contract that ties you in for any period of time you will have your hands tied while you wait for registration to come through. Can anyone tell the truth about what is happening? As for the ones keeping the faith... good luck with that. it all doesnt smell very good from where I am sitting.
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Anonymous | 6 May 2010 12:59 pm
Re Anon 12.39pm link - Hillarious - I love that film. Gerry show me my money and I'll still be your AR........
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Anonymous | 6 May 2010 12:59 pm
The point with regards to the FSA is crucial - whilst it is good and proper to see a positive frame of mind on show, in real terms, this 'deal' could be days, if not weeks, away from being finalised.It will require formal regulatory approval, and sign off, any gtee's of being able to write new business, and, being paid our pipelines, are worth nothing until this proposed deal has been approved. The clock is ticking HOC....
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Glyn Snelgrove | 6 May 2010 1:15 pm
The rumour mongers out there really display the unprofessional and completely immature childlike qualities we specifically weed out when appointing our next advisers!The truth is(direct from a HOC extremely relable source) the contracts are having the addendums attached right now, will be delivered in the next few hours, and are identical to the originals with the obvious differences for FSA purposes.I hope the previously anonymous(covert) characters/companies are man enough to say sorry when push comes to shove, till then I respectfully suggest you keep quiet.
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John Reid | 6 May 2010 1:17 pm
This doesnt make sense....
What if everyone says OK we will sign this 3 month contract they are then paid out money by LSL to the value of their comission. At the same time they start the process being reauthorised elsewhere and after 3 months everyone leaves LSL - why on earth would LSL leave themselves open for that to happen? They will have paid out millions for nothing.. weird ! 12 month contract made more sense
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Alan Lindley | 6 May 2010 1:25 pm
I have been to the meeting today and I feel that the directors of Home of Choice have given us a good option to go on in the future, we all accept that the market at the moment is in a real state of flux, when this does come back we need to be ready, this tie in gives us that certainty. instead of berating the directors we should actually thank them for the last 5 years, I for one have enjoyed my time with home of choice and I personally would liek to thank the Home of Choice board for taking the chance in the first palce.
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