This means that Advantage can finally drop the label of packager and really justify its position of branded lender controlling distribution via network panels.
Peter Bass, head of sales and marketing, says: “This authorisation sets us apart from our competition as it allows us to continue to have client contact after M-Day, ensuring faster offers, quicker completion times and improved cashflow for our network partners.”
Adel Belton, head of compliance, adds: “This move has been widely acclaimed by both lenders and mortgage networks, as a fully compliant end-to-end mortgage process is extremely high on their list of priorities. My mission is to ensure that Advantage meets its responsibilities within this framework.”
Peter Beaumont, sales and marketing director at MPLC, says: “I am delighted to hear that Advantage has received its MTA. As a lender who is heavily involved in branded lending we welcome the fact that it will be directly regulated by the FSA and feel this is a positive development for the branded lending community.”
Jeremy Duncombe, head of sales at Platform, says: “Platform welcomes this move because it means we will not have to put a potentially onerous service agreement in place with Advantage that would be both costly to enforce and disruptive to both businesses, as it will be fully accountable to the FSA in respect of future conduct.”