Exclusive Connections is to launch a network for intermediaries wishing to become appointed representatives.
The Peterborough-based packager will apply to the FSA in January for direct authorisation status for the network, to be named The Mortgage Union.
The Mortgage Union will operate as a national brand, supported by EC's network of 35 regional offices, while all of its appointed representatives will get the backing of an experienced compliance team and be able to place business through EC packagers. The new brand will make its first appearance to intermediaries at Mortgage Expo on November 18 and 19.
Patrick Day, managing director of EC, says: “For the many intermediaries who are still undecided about their future October 2004 represents a potential threat, but the appropriate strategic response will turn that threat into an opportunity. Our response is based on the fact that regulation will affect both brokers and packagers.
“The Mortgage Union will provide an excellent vehicle for brokers and intermediaries who wish to enjoy appointed representative status, whether they currently work through EC packagers or not, and to join a professional, supportive mortgage network that is perfectly set up to meet the needs of their business.”