Within the FMO Group, the mortgage network company – Your Mortgage Options – will allow mortgage brokers of any size to operate as authorised representatives on a rolling monthly contract until their authorisation is received from the FSA.
YMO received its grant of permission Part IV of the Financial Services and Markets Act from the FSA on Monday September 14. This full authorisation enables YMO to conduct mortgage and general insurance business as a principal with effect from October 31 2004.
Alan Hill, group managing director for FMO, says: “Your Mortgage Options has received a large number of enquiries from mortgage brokers who have either submitted late applications to the FSA or have had applications suspended whilst they provide the FSA with additional information.
“We have also received enquiries from businesses who have not yet made an application to the FSA, but want the option to do so, and in some instances need assistance to obtain direct authorisation.
“These businesses do not want to be tied to a network under an AR agreement for a 12-month contract, so YMO's rolling monthly contract will offer them an very flexible option to continue trading if they have not yet received direct authorisation.
“Whilst YMO offers its ARs assistance to become directly authorised, FMO will operate exclusively with directly authorised businesses, offering a comprehensive range of products and services from residential and commercial mortgage packaging and clubs, to IFA and mortgage/GI compliance support and inhouse conveyancing services. YMO members have access to all the services available from FMO.”