The Association of Mortgage Intermediaries annouced this week that it is pleased to note that the FSA has started the process of issuing minded to authorise letters to networks.
Chris Cummings, AMI director, says: “The lead-up to regulation has created uncertainty in the market. One of the key questions facing any mortgage intermediary who has decided to become an appointed representative is: how do I select the right network for me? Rightly or wrongly many have delayed their decision until the networks receivd minded to authorise letters.
“Networks with MTAs can prove they are in the game. They have passed the first round of the FSA authorisation process. However, approving a network is not a swift affair. Many good networks are still awaiting their MTAs and intermediaries shouldn't necessarily jump for the first one they see.”
Cummings adds: “We are particularly pleased that IFA networks and new mortgage networkswill be receiving their variations of permissions and minded to authorise letters at the same time. We informed the FSA of our concerns that one part of the market could receive a competitive advantage over another if the dates had not been synchronised.”