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FMO reveals transitional arrangements for late DA brokers

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&#39s 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.”


Mortgages PLC receives notification of full authorisation

Trevor Pothecary, group chief executive says: “Everyone at Mortgages plc has worked hard over the course of the last year to prepare the business for regulation and we are now finally ready. We have an excellent product line-up, can promise a fast and efficient service and have a team of knowledgeable staff on hand to […]

Mercantile replaces five-year fixed rates

It has also withdrawn the five year discount product 5D4u and replaced it with 5D4x. It has extended the completion date for receiving free legal fees to October 31, 2004 for all products that have this feature. For intermediaries in the North-East, it has launched two three-year discount products schemes 3D4g & 3D4h.

Lending slows in August

This was 13% lower than in July and just 3% higher than in August 2003. This is in contrast to last month, when lending was 3% up on the previous month and 13% up on the previous year. In marked contrast to last month, when lending was driven by a new £14.6 billion monthly record […]

Liverpool Victoria raises commission on Exweb

The commission has risen from five to 10 lautro points as a result of the high volumes of business that The Exchange generates on Exweb. The Exchange has recently announced that it has processed 100,000 transactions via Exweb. Rye Mills, director of the intermediary division at Liverpool Victoria, says: “The Exchange&#39s quote and transaction volumes […]


Almost nine in 10 employers admit failings with post-DRA compliance

The default retirement age (DRA) was abolished more than three years ago, yet new research from Jelf Employee Benefits suggests that the vast majority of employers still have some way to go to fully understand, comply and communicate the landmark legislation change that prevents older employees being forcibly retired on the grounds of age alone.


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