It is the first firm of its kind, a national franchisor, to receive its grant of permission.
Nic Lewis, sales and development director, says: “Whilst firms of our experience and scale had complete confidence in securing FSA authorisation, it is a highly significant moment when the FSA confirmation actually arrives. We are naturally delighted.”
Franchising remains the safest way to start and build your own business, as testified by the British Franchise Association's annual survey, revealing that over 90% of franchises reach profitability, compared with three in every five small businesses going bust outside of franchising.
Franchising in the UK now accounts for over 30% of retail trade and mortgageforce pioneered mortgage broking franchising, launching in September 2000. The firm, based in high-tech offices on Pride Park, Derby, has over 130 franchised outlets across the UK.
For experienced mortgage advisers in qualifying regions, mortgageforce is waiving its £18,500 franchise licence and training fees. It can also offer franchise development finance in conjunction with leading high street banks.
Rob Clifford, managing director at the firm, adds: “FSA authorisation is the first step on a long journey, which I hope will drive poor advice and sharp practice out of the mortgage intermediary market. The Mortgage Code did wonders to clean up our industry and statutory regulation can only add to that excellent start.”