Malone is one of the most influential power brokers in the industry and is widely credited with having created the mortgage club concept. His decision to remain at the Bankhall-owned business will have delighted chief executive Peter Mann who sees Malone as a key factor in ensuring the club’s continued dominance over the coming years.
Towards the end of 2006, Malone’s name had been linked to a number of high-profile organisations, most notably IFA network Personal Touch Financial Services.
Mann says 2006 was a special year for Bankhall for a number of reasons, but chief among them “was persuading John to stay on for another couple of years”.
He adds: “If you’re having a big push into the mortgage market in 2007, who better to have on board than John Malone? He is a huge force in the mortgage industry.”
Malone says: “I am delighted to say that I have signed a new two-year contract with Bankhall and intend to develop the PMS brand further over the coming years.
“Both Peter and I recognise that there are a number of challenges facing both elements of the business especially as regulation in the mortgage sector will this year have a major impact on many intermediaries’ business. We believe we will be at the forefront to assist them in ensuring that they remain compliant.”
The past 12 months represent another milestone for PMS with the club expected to report total completions of 37bn from 47bn in applications – making it by far the largest distributor of mortgage products in the UK.
Michael Bolton, chief executive of edeus, says: “There is little doubt that John Malone is one of the most influential players in today’s mortgage market. I’m sure that there are many lenders in the market who deal with PMS that are happy John has taken this decision to stay.”