View more on these topics

Brokers at crossroads on routes to regulation

Just over half of all brokers plan to become directly authorised whereas 45% want to take the appointed representative route, research from The Mortgage Business reveals.

The survey also found three out of 10 brokers are undecided about what kind of panel they would like to operate and of these just over a third will make their decision by December 31 2003 with the same number not making a decision until just before October 2004.

Of those who will become ARs and know what kind of panel they want, six out of 10 said they would operate a whole of market panel of lenders with just one in 10 choosing a multi-tie panel.

Those who would like to be appointed representatives were asked what would influence their decision on choice of principal. Fees, compliance, products and existing tie relationships all emerged as equally important.

Bill Dudgeon, managing director of TMB, says: “Conducting this research has thrown up some interesting results. Compliance appears to be an issue for brokers probably because it can be a time consuming and lengthy process.”

• Mortgage brokers seeking appointed representative status have been warned against joining a network before finding out what will happen to their clients if they leave.

Chris Fleetwood, senior partner at Paradigm, says: “Even allowing for the novelty of the situation not one network has yet talked about the mechanism by which ARs can leave. This might be to do with the PI cover that networks will be able to negotiate.”

Recommended

Football star to open West Bromwich branch

Former England football star Paul Merson will officially open the new branch of the West Bromwich in Tamworth, Staffordshire on Tuesday November 25. Merson, who is currently enjoying a season with Walsall FC, will open West Bromwich&#39s branch at the Ankerside Shopping Centre. As well as cutting a ceremonial cake with chief executive Andrew Messenger […]

CML and NAEA dismiss housing bubble fears

The Council of Mortgage Lenders and the National Association of Estate Agents have jointly dismissed talk of a housing market bubble. They both expect sustained growth over the coming year.

igroup appoints director of originations

igroup has appointment of Noreen Whyte as director of originations. As part of her role she will have responsibility for the front-end processing of all new business received from igroup&#39s expanding network of introducers. As director of originations, Whyte joins igroup&#39s senior management team and reports to Peter Brennan, chief operating officer. Whyte has been […]

Business leaders say UK is less attractive place to invest

The CBI is to challenge government complacency over Britain&#39s reputation as a good place to do business after publishing a survey showing top company decision makers believe the UK is becoming a less attractive place to invest. The employers&#39 body will open its national conference in Birmingham with what it describes as a “deeply worrying” […]

Thumbnail

Health Shield joins the Association of Medical Insurance Intermediaries

Health cash plan provider Health Shield has joined the Association of Medical Insurance Intermediaries (AMII) as a corporate member. The non-profit-making Friendly Society is one of eight health cash plan providers to join the intermediary trade body, which is looking to establish working parties with intermediaries and providers on issues such as product innovation and regulation.

Newsletter

News and expert analysis straight to your inbox

Sign up