View more on these topics

Pink Home Loans receives minded to approve letter

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&#39s 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&#39s 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 .”

Recommended

Oxygen Home Loans launches into branded lending market

A branded lender has announced its launch into the UK mortgage market in partnership with Mortgages PLC. Oxygen Home Loans is a new trading division of the Leicester-based Oxygen Mortgage Group (formerly Custom Made Mortgages). Oxygen Home Loans products will be focussed on specialist product areas such as sub-prime and self-certification. Building on the relationships […]

GMAC-RFC announces portfolio sales

The £120m Amber deal comprises of a blended pool of buy-to-let and self-cert productsand was completed on June 30 2004. Craig Beresford, head of asset sales at GMAC-RFC, says: “GMAC-RFC continues to lead the UK market in the creating and trading of assets. This is our fifth transaction with Amber Homeloans Ltd and we are […]

All your network questions answered by the industry&#39s leading experts

Richard Griffiths is managing director of Network DataMany networks have struck third party deals with the likes of Paymentshield and you should expect to retain this type of monthly commission stream when you join one of the new mortgage networks. If you are leaving an existing IFA network you should check the details of your […]

Brokers fear for lender&#39s service

The lender has reduced the number of LTV bands from three to two on all fixed rate and tracker products. New borrowers with an LTV of between 75% and 90% will now pay the same rate as borrowers in the 0% to 75% LTV band. Mike Fitzgerald, sales director at Brentchase Financial Services, says: “Nationwide&#39s […]

Newsletter

News and expert analysis straight to your inbox

Sign up