Elephant Loans & Mortgages has decided that all its regulated mortgage activity will be operated by its group company, Elephant Loans Direct and that Elephant Loans will join the FT Partners network.
Elephant Loans Direct will become an Appointed Representative for FTP’s subsidiary, FT Compliance Services Limited.
Robert Kellly, has also resigned from the board as non-executive director.
It is estimated that this will save Elephant in the region of £100,000 pa when fully implemented. As a result, Elephant Loans Ltd will now no longer undertake mortgage activity but will be wholly focused on the secured loans market.
FTP is a brokerage network which provides a range of services to brokers,including the management of compliance and operational costs, training and product and sales support.
FTP’s buying power with lenders offers Elephant the additional opportunity to increase revenues by enabling enhanced commissions and access to quality leads.
Gary Miller-Cheevers, chief executive of Elephant Loans, says: “The recent Consumer Credit Act reforms which take effect from next month will add a further tier to compliance for companies in both the loans and mortgage markets, thereby increasing the costs considerably. We believe that by joining a network of the size and reputation of FT Partners, we will be able to reduce that cost burden whilst ensuring that our customers continue to enjoy the highest levels of service.”
David Peters, chief executive of FT Partners, says: “We are delighted to welcome Elephant as a member of the FT-Partners network. We believe that Elephants professional approach to the placing of mortgages and loans fits well with the ethos and standards set by the FT network. FT is the largest specialist network of loan brokers in the UK and as such can add significant benefits to Elephant in these challenging market conditions. Elephant will further benefit from the specialist support of FT-Compliance in improving efficiencies and reducing costs.”