Has your network delivered the goods?

It is nearly Christmas and as brokers start to settle into the regulatory regime, many who chose to take appointed representative status must surely be wondering whether they made the right choice of network.

Are the fees too high compared with what Mr ABC next door is paying? Is the commission coming through? Have promised leads materialised? Am I paying too much for professional indemnity cover? Have they delivered on exclusive products? These and many more questions must be on the lips of the thousands of brokers who have taken AR status.

So, Mortgage Strategy asks: Can networks honestly say they are delivering what they promised?

Richard Griffiths, Network Data No-one will admit at this early stage that there may be shortcomings in their operations. We have signed up to an independent market research exercise in the new year that should shed light on whether the networks are meeting members’ expectations.

Bill Warren, The Complete Network Some networks have already failed. Networks’ delivery of what they promised will be dependent on the quality of their initial planning, and on the honesty of their original offer to potential members.

Richard Verdin, Enable I am sure there are networks that over-promised and under-delivered. If you are in such a situation talk to other ARs as well as some of those that opted for direct authorisation before you make another big decision.

Martin Cave, Home Loan Partnership Inevitably, the network will be blamed when an AR runs into a problem. Networks are dependent on external service providers for sourcing systems, packaging and, not least, the vagaries of some lenders’ erratic proc fee payments.

Chris French, The Mortgage Marketing Centre It is not for the networks to say, but for ARs to say. If ARs believe service is not as promised, they should complain or find a better network.

Sally Laker, Mortgage Intelligence It is too early to say and will become a lot clearer at the beginning of next year. But we know from the applications we have received since October 31 that many ARs are becoming disillusioned with their network.

Stephen Atkins, Freedom Finance Prepare a check list to compare with your expectations. However, I would warn against only looking at the point-of-sale products and features. You should consider how robust the compliance process and support functions are. It is these that will ultimately determine your success.