The famous letters now stand for Protection, Mortgages & Savings. The acronym PMS, which the company trademarked last year, will be its main trading style on all marketing material. PMS has also revamped its website which is now www.trustpms.com.
The firm, part of Bankhall, says it has been more than a mortgage club for a long time and the rebrand is an attempt to demonstrate this.
Martin Reynolds, development director at PMS, says that for the past 18 months the club’s message to members has been diversification, and it is now putting its money where its mouth is.
Reynolds says: “It is important that companies constantly look at their business models. We have been talking about diversification for the past 18 months and felt that by having the word ‘mortgage’ so prominently in our name we were not following our own advice.”
He adds: “The new-look website will enable brokers to access the product areas we have developed in the past 12 months.”
Despite the market downturn PMS is confident about the future. In 2007 the amount of business facilitated by it was £42bn and for 2008 the figure was £27bn.
This gave it between 10% and 11% of the gross mortgage market – including direct-to-consumer business – and between 18% and 20% of business via brokers.
The Council of Mortgage Lenders predicts the mortgage market will add up to just £145bn in 2009 – significantly down from its peak of £345bn in 2007. But PMS says that with fewer firms remaining it is on track to retain and potentially grow its market share in 2009.
Reynolds adds: “This year will be challenging and PMS aims to be at the forefront of helping brokers.”
Lenders have welcomed the move and say PMS is showing brokers how to survive the downturn.
Matthew Wyles, group distribution director at Nationwide, says: “PMS can see what intermediaries need to do to survive and is taking action to support them. “
And Ricky Okey, managing director of intermediary distribution at Abbey for Intermediaries, says: “Through its diversification PMS has shown that it plans to remain a leading player.”
Nigel Stockton, managing di- rector for HBOS Intermediaries at Lloyds Banking Group, adds: “These changes are designed to maximise brokers’ other income lines alongside mortgages. This is something we understand and support.”