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Prestbury comments on a year of regulation

Prestbury says that a year after mortgage regulation it believes there is now a clear indication of who are the winners and losers in the mortgage market.

Lee Birkett, CEO of Prestbury, says: Following the first year of mortgage regulation the landscape is now becoming clear, we now have clearly defined winners and losers.

“This not only applies to networks, lenders and life offices, but to the most important link in the chain the actual advisers and appointed representatives themselves.

Prestbury has been helping a number of advisers who have the ability to become winners, but who needed additional training and tangible support.

“We wrote at the beginning of October to 40 appointed representative firms who we categorised as at risk, these firms could be categorised at risk due to low new business figures or lack of commitment to Prestburys training and competency scheme. We invited these at risk firms and advisers to join a Prestbury Partnership. This partnership significantly boosts an advisors ability to get themselves on track in both new business terms and competency status with the full backing of Prestbury.

We provide additional training and up to 20 leads per week to each adviser, and all we ask in return is that they show 100% commitment to the partnership. The financials of the deal are extremely transparent. We underwrite all lead generation and provide additional training and support. All commissions and revenues are shared 50/50 and the adviser incurs no other costs. The tangible partnership commitment from Prestbury is priced at approximately 10,000 an adviser in the first three months to get them up to Prestburys expected levels of business and professional competency.

He adds: The adviser also has choices, if they get themselves to a certain level of business and financial security, then they can change their status from the partnership back to the traditional appointed representative status and commence the purchase of Prestbury leads.

I am however disappointed to report that not all firms have accepted our offer of the partnership and we have decided to end our relationship with these firms. Prestbury is not a slave to the number of ARs and are proud to make our standards known to the rest of the marketplace.


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