Personal Touch Financial Services has compiled a table of the biggest financial networks in the market – not just mortgage networks – for this week’s Mortgage Strategy.
Network Data compiles a quarterly table of the AR numbers of networks regulated for mortgage and insurance activities only, excluding traditional IFA networks such as Sesame.
Its latest compilation up to September 2006 showed there were 2,781 AR firms in mortgage networks, 578 of which belonged to Network Data.
But PTFS has compiled a table covering all networks and this shows Sesame coming out on top with 2,209 ARs followed by Openwork which has 871. Network Data is placed in fourth position with 572 ARs.
Dev Malle, director of mortgage distribution at PTFS, says: “Intermediaries and lenders have been asking when a table will be printed which looks at all networks rather than just the ones that have mortgage and protection authorisation.
“But as we take our details from the Financial Services Authority’s website, even this fuller picture requires some clarification.
“I hope it helps advisers and suppliers to have a top 15 network ranking, despite the distortion that listing AR firm numbers and not total number of business writers presents.”
Ian Perry, head of mortgages at Sesame, says: “IFAs can add value to lenders and it has been frustrating that until now nobody has recognised our economies of scale and that we are more than an IFA network.”
Richard Griffiths, chief executive of Network Data, says: “The numbers look right. Dev is obviously peeved at not being included in my table.”
l See Analysis, page 47