Misys is gearing up to allow intermediaries access to its mortgage facilities through its compliance arm Misys Regulatory Services (MRS).
The news follows on from plans to enable IFA members of Misys Life and Pensions to become regulated by the FSA for mortgages and general insurance.
Misys will be launching Misys Mortgage Services (MMS) into MRS from 1 June. Andy Young, head of marketing at Misys, said: ‘MRS is already part of the Misys group and provides compliance services for directly regulated IFAs. This link-up will provide an opportunity for IFAs and non-regulated brokers outside of Misys to access the whole mortgage market through the Misys Platinum Club and get MCCB support, exclusive schemes and enhanced procuration fees for mortgage business.’
In addition, advisers coming through MRS will be able to use the sourcing system Mortgage Brain free of charge and have access to CeMap and MAQ training. However, all advisers using this will still need to be registered with the Mortgage Code Compliance Board (MCCB) and have passed the relevant qualifications.
The announcement is currently being unveiled to the rest of the group, and consequently the costs are as yet to be decided. However, there will be no conditions imposed upon advisers accessing mortgages this way in terms of numbers of products sold per month.
James Mayne, head of strategic development at Britannic Money, said: ‘This type of service will be attractive to those firms that want flexibility, are big enough to cope with direct authorisation but small enough to still need access to other services offered within a network umbrella.’
The move will not be affected by Misys’ re-branding as the Sesame Group in August, although MMS will become Sesame Mortgage Services and MRS will be referred to as Sesame Regulatory Services.