The grant of permission under part IV of the Financial Services and Markets Act 2000 makes Professional Mortgage Partnerships fully authorised with effect from October 31 2004.
David Dodsworth, compliance manager at Professional Mortgage Partnerships, says: “We are of course delighted to have received this authorisation. I would say that we have moved quickly, by avoiding short cuts. It is very much a case of slow and steady wins the race.”
The network says it approach from the very beginning, since its launch earlier this year, has been to follow the FSA's requirements to the letter. It currently has 125 appointed representatives signed up and is on course to have at least 250 members, with whom it can now sign full contracts, come Mortgage Day.