The firm is headed up by managing director Martin Swann with Barry Scott as operations director and Terry Markham as sales director.
Swann previously held positions as sales and marketing director at Ethical Field Services and national and key account manager for D B Mortgages. Scott hails from a bridging and protection sales background while Markham was previously managing director of bridging packager The Funding Operation and Next Generation Mortgages, a packager for mortgages and loans.
The network will not charge membership fees. It said it will generate income from the procuration fees paid to lenders which are typically larger on bridging and secured loans.
Swann said there was a lot of confusion in the specialist lending and commercial markets about the level of authorisation needed to continue doing business.
The FCA took over the governance of the consumer credit industry in April 2014 from the Office of Fair Trading. It went on to create new categories of authorisation, such as credit broking, debt counselling and debt adjusting, which applied to any firm carrying out a financial services function. This captured firms previously not regulated by the FCA, a change Swann said has left many in the industry unsure of what FCA permission they need to apply for.
The network expects its members to come from unregulated areas of the financial services industry. It said following the credit crisis many advisers who previously had worked as regulated brokers had left to work in debt management firms, bridging or secured loans which now needed FCA permissions, which it could provide.
“We have recognised the need to provide easy access for brokers to be authorised to continue doing business,” said Swann. “It is evident there is a lot of confusion out there and we intend to simplify this by providing a home for all brokers whether they major in buy to let, bridging or commercial or even for those brokers qualified to transact regulated mortgages. The one thing that is crystal clear is whatever type of business you deal in, you now need to be authorised to do so or you are flouting the law.”
Tryloans will accept two types of brokers; Introducer Appointed Representatives (IAR) and Appointed Representatives (AR). IARs are bridging, commercial and buy-to-let brokers who will be permitted to carry out all types of business except regulated mortgage business and insurance. Swann said one of Tryloans’ objectives was to make the network suitable for any type of broker which was why it welcomed regulated AR regulated mortgage brokers.
Yesterday, news editor Samantha Partington wrote a how to guide for brokers on compliance with new permissions structures implied by the Mortgage Credit Directive and the transference of consumer credit regulation to the FCA.
