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At last, the FSA is getting involved in the transfer of ARs

I have just read that the Financial Services Authority is preventing 23 appointed representatives from being re-authorised under the First Complete banner (Mortgage Strategy Online).

At last, the regulator has seen fit to get involved with a network’s transferred ARs. It’s about time.

I was previously responsible for the transfer of two networks’ ARs and during the due diligence process determined that some were definitely not going to be joining.

Due diligence should be carried out by the buying network to such a degree that it should evaluate the quality of the bulk of ARs being purchased. This would hopefully prevent some networks from going for quantity rather than quality when it comes to ARs.

As my previous managing director used to say, a network is only as strong as it’s weakest link.

Networks should take more time to bring on board the sort of fit and proper individuals they would be willing to let their mother do business with. If not, networks should not take them on.

If you have done your part of the due diligence process properly these individuals should sail through any FSA requirements.

Mind you, this begs the question – how many of those being stopped by the regulator now would it have allowed to become directly authorised? Judging by the way the FSA has dealt with things in the past, the answer is probably all of them.




FSA blocks transfer of 23 HoC ARs

The Financial Services Authority is preventing 23 Home of Choice app-ointed representatives from reauthorising under the First Complete banner. A spokeswoman for Home of Choice says 13 ARs were suspended or under investigation by the regulator when the network went into administration. A further 10 have been denied reauthorisation by the FSA but have not […]


AMI calls on FSA and CML to acknowledge brokers

The Association of Mortgage Intermediaries has welcomed figures from the Intermediary Mortgage Lenders Association, which show brokers continue to dominate the mortgage market, but it wants the trade bodies and the regulator to acknowledge this important role.


BM Solutions and TMW took 80% of the B2L lending market in 2009

Just two lenders accounted for 80% of buy-to-let lending last year, research from Datamonitor shows. Its report, Buy-to-Let Mortgages And The Rental Sector, shows Lloyds Banking Group’s BM Solutions and Nationwide Building Society’s The Mortgage Works took the lion’s share of gross buy-to-let lending in 2009. Of the total £8.5bn gross buy-to-let lending advanced last […]

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Pension freedoms: stop the scams

At the beginning of 2015, we highlighted that the new pension freedoms that come fully online on 6 April also represent a very attractive opportunity for the criminal fraternity to scam savers out of some, or all, of their accumulated retirement savings.


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