Pink Home Loans has received its minded to approve decision from the Financial Services Authority.
The mortgage distributor was confident that it would receive its minded to approve letter from the FSA as it has invested heavily in ensuring it has robust systems in place and is now in a position to continue with its plans to provide a compliance solution for its customers whichever regulatory route they decide to take.
Tony Jones, managing director at Pink Home Loans, says: “We are delighted to receive our minded to approve letter. We have successfully passed another important milestone in the road to regulation. Receiving our minded to approve letter enables us to focus on developing our appointed representative network and our directly authorised proposition.
“This letter also enables intermediaries to make the decision to join our network and be confident that they will be in a position to continue to trade post-Mortgage Day.
“We have committed to spend over £1.5m in developing our compliance services and have recruited a team of experienced professionals to successfully deliver our network proposition.
“Our plans to recruit 300 appointed representatives to form a quality network can now go full steam ahead. We expect the number of applications to join our appointed representative network to increase following receipt of our minded to approve letter.”
Commenting on Bankhall's receipt of its variation of permission letter from the FSA, Shaun Godfrey, group sales director, says: “We are pleased to have received our minded to approve letter from the FSA.
“Our decade of experience in the regulatory environment as a support services provider to IFA's has meant that we are well positioned to support mortgage and general insurance brokers with compliance and a full range of additional services.
“We already have tried and tested systems in place to provide brokers with the help and guidance they need including 125 compliance officers and a strong financial base to ensure that we will be around for the long term.
“We expect that this news will encourage more brokers to join Bankhall in the knowledge that we have our MTA letter from the FSA .”