You are here: Home - News -

Matters of ˜principle’

by:
  • 17/06/2003
  • 0
The battle lines over statutory regulation are now being drawn up, with numerous firms stating how ...

The battle lines over statutory regulation are now being drawn up, with numerous firms stating how they intend to conduct business under the Financial Services Authority (FSA).

Mortgage network Mortgage Promotions has bucked the trend of many of its competitors, announcing it has no plans to become a principal firm, whereas Mortgage Next is developing its network solution and is projecting a doubling of members. Others such as Network Data and Mortgage Intelligence have already said they hope to become principal firms, but as most of these firms will have to wait until next year before they can apply, there is plenty of time to evaluate their propositions.

While these firms will look after advisers’ interests in terms of compliance, their offerings will vary in terms of commission, training and marketing. And if the choice is to become directly authorised by the FSA then they will have to sort all this out for themselves anyway. Whatever the decision, the one thing unifying the industry is ensuring that the regulator listens to the views and opinions of the advisers actually working with borrowers. Therefore it is of vital importance that the first trade body for mortgage brokers, the Association of Mortgage Intermediaries (AMI) can go to the FSA with the full support of the broker industry behind it.

A number of major industry players have already swung behind AMI and Mortgage Solutions feels that it is important to show its whole hearted support for AMI too. And for that reason we have now become the first trade magazine to become an affiliate member of the association.

Mortgage advisers will have an opportunity to question AMI at The Mortgage Event 2003 this autumn. AMI will attend all seven of the regional conferences further details of which can be found at: www.themortgageevent.com or by email: themortgageevent@incisiveemedia.com

Ben Marquand, editor


Tags

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
The Mortgage Operation enhances its website

The Mortgage Operation (TMO) has revamped its website, www.mortgageuk.com. The site has separate p...

Close