Richard Coulson, chief executive of Home of Choice, has attacked what he calls the immoral behaviour of some networks.Speaking on the first anniversary of Home of Choice, Coulson says app-ointed representatives are sometimes held back from joining it promptly because of contractual clauses placed on them by other networks which he says are behaving in an “immoral” way. He adds: “We have appointed 584 ARs but have 320 on the transfer list. Networks im-posing contractual obligations on their members and threatening to freeze commission means some ARs can’t join us straight away.” Coulson says HoC believes in shorter tie-in periods, as does Pink Home Loans, which has a tie-in period of three months. Tony Jones, managing director of Pink, says: “We only ask for three months’ notice. I compare it with gym membership. Some gyms have ridiculous tie-ins of 12 months which is a long time in which anything can happen. Three months is about right. It allows for provisions and any costs that might occur once an AR decides to leave.” HoC also revealed that it is in talks with six networks about possible acquisitions, with a deal expected by the end of the year. Regarding the four networks that have been told to stop appointing ARs by the Financial Services Authority, Coulson says HoC is not one of them. He says: “We are not one of them and we don’t know who they are. I feel sorry for them and hope they get their houses in order because the mortgage industry needs networks.” Coulson also predicts that by the end of the year both networks and packagers would be in single figures. HoC is close to reaching its three-year recruitment target of 1,000 ARs within its first 12 months, and has now challenged itself to recruit 2,000 ARs by the end of 2008.
Halifax’s house price index reveals house prices rose 0.2% in July following declines in May and June.
Companies should be wary of outsourcing processes that distinguish them from the rest of the industry, says Kensington Mortgages. Ian Giles, director of marketing at Kensington, warns companies to be wary of outsourcing any processes that set them apart from their competitors. He says: “Differentiation is important. If you have a process that differentiates you […]
About a year ago one of the most successful and recognisable stars of the past decade was diagnosed with a disease that strikes over 1.2 million people every year. In May 2005, along with an estimated 3,500 women in the UK, Kylie Minogue was diagnosed with breast cancer.
Trevor Greetham, RLAM’s head of multi asset, introduces the recentlylaunched RL GMAPs. Asset allocation has become an increasingly difficult challenge for investors and advisers in the years since the financial crisis. Sometimes violent price swings in stock and commodity markets coupled with the collapse in the rate of interest on bonds have made it harder […]
News and expert analysis straight to your inboxSign up