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Brokers&#39 clients could be at risk if they join networks

Mortgage brokers seeking appointed representative status have been warned against joining a network before first finding out what will happen to their clients if they choose to leave.

Chris Fleetwood, senior partner at Paradigm, says those thinking of joining a network need to be aware that there could be a problem over the ownership of clients in the event of them moving to another network.

He says: “Even allowing for the novelty of the situation, not one network has yet talked about the mechanism by which ARs can leave. The main reason would seem to have a lot to do with the PI cover networks will be able to negotiate.

“PI insurers are not only going to be very proscriptive about the conditions on which they will allow new networks to take on ARs but they are certainly not going to be happy to accept the risk of existing business from an AR from another network, whose compliance regime might not be as stringent.”


B&B increases SVR by 0.25%

Bradford & Bingley is to increase its standard variable rate by 0.25%, following the Bank of England&#39s base rate rise. Its SVR mortgage rate for both new and existing borrowers will increase from 5.54% to 5.79%, effective from Sunday November 23 2003.

A shocking indictment but not as you mean it, Mr Markham

From Dermot BranniganA &#39shocking indictment of our industry&#39 eh? (Terry Markham, head of networkone, in Mortgage Strategy Letters to the Editor, October 20: Most brokers still in the dark about regulation). Apparently, 250 brokers have &#39not received any meaningful support from a lender, packager or network&#39 regarding regulation. Why don&#39t they open their eyes and […]

AMI plans leads factsheet

The Association of Mortgage Intermediaries is planning a best practice factsheet on lead generation after several brokers lost hundreds of pounds on poor quality leads. Mortgage Strategy has received dozens of calls from brokers owed money by lead generation firms in recent months. Having failed to get back money they paid for leads that never […]

Lenders reprice SVRs following rate rise

Lenders are repricing their standard variable rates in the wake of the Bank of England&#39s 0.25% interest rate rise last week. Among the first lenders to announce changes to their rates are Nationwide, which will increase its SVR by 0.35% to 4.89% from December 1 and Standard Life, which will increase its rate by 0.25% […]

Keep calm and carry on?

We British are known for our stiff upper lip and just getting on with things. It’s part of our quirky cultural behaviour – like forming orderly queues, or saying sorry when it’s not our fault. Many of us just aren’t that great at talking about what’s bothering us. But if someone feels that the stresses […]


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