The firm has been granted permission under part IV of the Financial Services and Markets Act 2000. The notice confirming authorisation will be effective from October 31 2004.
With the number of applications for direct authorisation being significantly lower than first anticipated Cartel believes that the future, under the new regulatory framework, will provide significant opportunities for the group, the company, its head office staff, the salaried advisers currently working for the firm and those joining in the future.
Cartel's compliance director John Rattigan says: “We are looking forward to M-Day. A lot of work has been done so far within the group to get us to our current position but this is only the start. We believe that the fully employed mortgage adviser proposition, with a basic salary plus bonuses, has served us well to date and is the best way to embrace the new
regulations. Cartel is one of the few companies in the UK offering an extremely high basic salary with a commission bonus. With continued recruitment for these positions our growth will be based on solid foundations.”