New network officially launches today

Stonebridge Group has officially changed its permissions today to become the mortgage market’s newest network.

Set up in 1988, Stonebridge was originally a tied agent of Legal & General and had built up into a firm of some 76 business writers.

On Mortgage Day in 2004, while it retained its tied operation via L&G, it also set up a trading model whereby advisers used Stonebridge’s Financial Services Authority number and each new firm was added to its consumer credit licence.

But now the firm has made the decision to become a traditional appointed representative network.

As of yesterday, all 66 firms consisting of some 111 advisers will have been transferred over from its old trading model to the new network, where they will all work under their own respective FSA numbers.

To read more, see this week’s issue of Mortgage Strategy.