Mortgage Times is planning to take principal status and offer a one-stop solution to intermediaries, whether appointed representatives or directly authorised.
The Mortgage Times network will have three levels of membership, offering access to a panel of 40 lenders.
Option one will be for brokers who go for direct authorisation. MT says it will help with their FSA application by providing supervisory support and competence assessments. It will also offer them a packaging service.
Under the AR option brokers would continue to operate as a representative of MT and be able to access a panel of lenders, general insurance, commercial and secured personal loans, life insurance and free sourcing and compliance software. Professional indemnity cover is also included.
MT's third option is targeted at packagers who want to carry on doing business independently but need assistance to deal with the implications of working under the FSA's watchful eye. The satellite packaging service will deal with day-to-day issues from helping with operational needs to offering access to a range of products such as life protection, general insurance, commercial and secured loans.
Chris May, director at Mortgage Times, says: “We have invested in infrastructure and are confident we can offer a one-stop solution.
“Our high standard of service has enabled us to achieve rapid growth over the past few years. Now, regulation is fast approaching and we are relaxed about our ability to offer acomprehensive solution.
“We have a major advantage over some of our less well prepared competitors and feel confident of our strategy.”