View more on these topics

Networks might alter their fees

Networks have dismissed broker concerns that the cost to appointed representatives of joining networks will be driven up if more brokers than expected opt to become directly authorised. But they are also refusing to guarantee their prices will not change.

Last week the MCCB indicated that the number of brokers opting for direct authorisation will be almost double the FSA&#39s original anticipated figure of 7,000 while the FSA says it is expecting another peak in application levels in the run-up to its April 30 deadline.

Mike Fitzgerald, sales director at Brentchase Financial Services, says: “A lot more brokers are going for the direct route than was forecast. This could have a negative effect for the networks – even the major ones – the majority of whom have already come out with their pricing.”

And Rob Clifford, managing director of mortgageforce, says: ” All the networks have said how many AR numbers they&#39re looking for. If these numbers turn out to be lower in reality there&#39s no question that it will have an impact on their pricing.

Sally Laker, managing director of Mortgage Intelligence, says: “We can&#39t guarantee our prices won&#39t ever change but we say – these are our fees and we don&#39t see them changing in the foreseeable future. At this point it is difficult to judge what route most brokers will be taking.”

And Richard Griffiths, managing director of Network Data, says: ” We have a set price of £80 per month for each firm plus £40 for each additional adviser. We&#39re confident we&#39ll get the numbers we estimated but it would be stupid to guarantee that our prices won&#39t ever change.”


The Mortgage Mole

Running battleHats off to Heritable Bank&#39s head of treasury Kevin Smyth who completed this month&#39s London Marathon – dressed as Elvis Presley! Kevin ran as Elvis to boost sponsorship for the sight disorder charity Nystagmus Network, and achieved a finish time of three hours, 49 minutes. “Running as Elvis earned me lots of attention, including […]

Bradford & Bingley adviser wins round-the-world holiday

Bradford & Bingley mortgage adviser Sally Jackson has won a round-the-world holiday for two from non-conforming mortgage broker and packager Earth Finance. The month-long holiday will be taken in 2005, and will transport Jackson and her partner Dave to Hong Kong, Singapore, Sydney, Auckland, Fiji, Los Angeles and New York. Jackson was selected at random […]

NGM unveils offering for principals

Next Generation Mortgages is to cater for intermediaries seeking direct authorisation under the Financial Services Authority. As of yesterday, Cardiff-based NGM is rolling out its added value proposition which features 18 components to brokers and IFAs throughout the UK who have declared an intention to become principals. There will be no formal upfront charges to […]

Brown dismisses IMF housing concerns

Gordon Brown has dismissed fears of a housing market meltdown, following warnings from the International Monetary Fund that it was the biggest risk economic stability in the UK. Last week the IMF forecast growth of 3.5% in the UK, but warned that it was concerned about the possible effect of rising interest rates on the […]

Health Shield

Product guide — health cash plans to suit all shapes and sizes

This guide, called ‘Health cash plans to suit all shapes and sizes’, provides information on Health Shield’s standard and tailored cash plans, which are designed to satisfy all business and employee needs. Each scheme can be offered on a voluntary, company-sponsored or flexible-benefits basis.


News and expert analysis straight to your inbox

Sign up