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32% of brokers to cancel permissions at end of March

A poll of some 1,000 Mortgage Strategy Online readers has found that 32% are looking to cancel their Financial Services Authority permissions on March 31.

While the majority, 68%, responded that they were looking to retain their permissions with the FSA, the fact that 320 brokers are looking to exit the market is a worrying sign.

Robert Sinclair, director of the Association of Mortgage Intermediaries says the results are in line with its own expectations.

He says: “We estimated that around 40% of brokers would leave the market. We had 769 firms leave in Q4 last year and always knew this quarter would be the worst with some firms not wanting to pay their fees.

“However, just because they say they are going to leave the market it does not necessarily mean they will.”

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