View more on these topics

Sesame to support ARs from failing networks

Sesame is enhancing its support for mortgage brokers in response to an increase in network failures.

Sesame says that the closures could jeopardise the future livelihoods of small broker firms.

Sesame says it is concerned that brokers are oblivious to the risks they are running as they do not currently conduct ongoing due diligence of networks.

In response Sesame is introducing a range of support measures to help ease the burden for brokers, which includes fast-tracking the application process so that any disruption to affected advisers is minimised.

Stephen Young, sales and marketing director at Sesame, says: “Following the recent demise of Trustguard Credit Services it is clear that some mortgage networks are in real peril, and sadly we expect to see further failures. This is appalling for those hard working advisers who are directly affected, as they will see their commission pipeline frozen and will be unable to trade.

“We are urging advisers to be vigilant and conduct their own due diligence on their network, in order to safeguard their future business. Advisers need to watch out for the warning signs, such as networks getting slower at paying commissions, which could possibly suggest cash flow issues.”

He adds: “This is not just about protecting advisers’ revenue, as there is also a link to clients and Treating Customers Fairly. Should a network be placed into administration, we need to question how effectively the outstanding cases would be processed, which would directly affect clients.”

Recommended

Broker website to search network market

Brokers looking to choose a network can now use a single website to research the network market, with networks pitching to brokers for their business.

Cantor predicts 19% house price fall by 2010

Cantor Spreadfair, the housing spread betting firm which allows investors to bet on the Halifax House Price Index, is predicting house prices will fall 19% by 2010.

Katie Tucker joins mortgageforce

Katie Tucker, former technical manager at John Charcol, has been named technical manager of mortgageforce.Tucker was made redundant from John Charcol in June after six years at the firm. Prior to her role at the brokerage she held positions at Savills Private Finance and Halifax.Tucker says: “I can’t wait to start working with mortgageforce chief […]

Dubai

White paper — Dubai International Insights

Jelf Employee Benefits discusses the legislative changes in Dubai, available medical facilities and policy considerations for employers with expatriate workforces in the country. This edition will be of particular interest to global human resource directors, compensation and benefits specialists and mobility managers who have employee populations in Dubai, or are considering operating there in the near future.

Newsletter

News and expert analysis straight to your inbox

Sign up