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Packagers warned against isolating themselves from regulated market

Bill Warren, network director of The Complete Network, has urged packager firms to make the most of opportunities for business development as FSA regulation approaches.

Speaking at the recent IIR Mortgage World conference, Bill Warren warned packager firms of the dangers of isolating themselves from the regulated environment, which could result in business stagnating.

He said that statutory regulation is a giant step forward for many packagers, who were not covered by the previous voluntary MCCB self-regulation scheme.

He says: “Although it may be tempting to sit tight and do nothing, there are real businesses growth opportunities emerging for packagers, as the inevitable consolidation in the distribution market starts to gain momentum. Evolution is one route forward, offering opportunities for smaller firms to merge or start broking. Acquisition is another option with smaller firms now possibly looking for a purchaser. There should be plenty of choice for medium-sized packagers to grow in this way. Lenders are also looking to invest in well-run, successful packager firms.

“The technical messages about FSA compliance should be well understood by now, but there is a danger that the wider opportunities for business growth have been neglected so far. Now that every packager who is really serious about getting authorised has more or less completed their preparations, it&#39s time for a more creative, positive and optimistic approach to developing businesses into the future.”


Intermediaries in last chance saloon, says Amity

UK brokers are deluding themselves if they believe they have several months to complete the paperwork necessary to become directly authorised by the FSA on October 31, says Amity Direct. The packager is warning that the real deadline is April 30 and time is running out fast. Julie Hamilton, operations director at Amity Direct, says: […]

Neal missed an opportunity to explain about networks

From Richard GriffithsReferring to Neal Smith&#39s letter (Mortgage Strategy April 5), I have been called many names in my time -usually of one or two short words. But Neal calls me &#39perspicacious&#39. Not only do I not know what this means but I don&#39t even know how to pronounce it. Fortunately it is spelt correctly, […]

Heritable Bank launches limited tranche of self-cert and buy-to-let deals

Heritable Bank, the specialist mortgage lender, is launching a limited tranche of three-year fixed rate funding for self-certification and buy-to-let mortgages. Rates of 5.99% fixed until March 1 2007 are now available for LTVs of up to 75%. A rate of 6.24% is available for LTVs up to 85%. In addition to these, Heritable Bank […]

MSN adds eight lenders to panel

Mortgage Support Network has added eight lenders to its panel of premier partners, paying some of the highest procuration fees available. The company says that while MSN has already confirmed to its existing members that appointed representatives the ability to access every lender and not a panel. However, it says it will continue to work […]


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