A mortgage and protection network is being set up under the Blu Debt Management brand, Mortgage Strategy understands.
The network is subject to regulatory approval but it is believed that it will be formed in the next few months. It is thought some 120 advisers have expressed an interest in joining the network.
No name has been confirmed but it is understood it could be branded Blu Financial Services.
Blu currently deals with more than 19,000 brokers and IFAs as part of its debt management business.
It is understood the firm will continue to operate its debt management service and the network will sit alongside it.
The Stonebridge Group was the last firm to gain network permissions from the regulator in November 2010.