Network Data expects business drop in 2008

Network data’s chief executive says its sub-prime business is ex-pected to fall by 30% and prime volume by 10% this year.

Speaking at the firm’s annual conference, chief executive Alex Co-tton also revealed that BM Solutions has lost its top spot in the network’s lender charts, being replaced by Abbey for Intermediaries. BM Solutions has fallen to third place.

Cotton also revealed that 2007 was a record year for Network Data in terms of secured loans, as brokers looked to diversify their income streams.

But she warned that brokers have yet to take advantage of opportunities in the protection market, with many still failing to cross-sell. Cotton says this is contributing to an estimated £2.3trillion protection gap in the market.

As a result of this shortfall, the network is adding a range of pro-viders to its insurance panel, in- cluding Legal & General .

It will also introduce a handbook for appointed representatives plus a quarterly newsletter and an improved website.

Cotton adds that members will soon be able to launch packaged applications electronically and also benefit from a wider range of equity release deals.