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&#39M-Day rush may leave brokers out of business&#39

Mortgage brokers could be blocked from trading for months because of a regulatory bottleneck, warns Optoma Interpartners Network.

It is concerned there will be a stampede of brokers rushing to be processed as appointed representatives of networks before mortgage regulation comes in at the end of October.

Compliance director Richard Palmer says brokers are putting off registration because of pressure of work and to avoid paying compliance fees.

But he warns that if networks are swamped with thousands of applications as M-Day approaches, it could take months to get approval as ARs.

Palmer says brokers could be left unable to do business because of the time it takes for networks to carry out financial, credit and qualification checks and run the induction and training courses required under the due diligence process.

Palmer says: “At the moment, many brokers are sitting on their hands, thinking they will be able to get registered quickly. But networks will be breaking their backs to process the flood of applications and some brokers will find they will not be able to do business.”


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4,500 advisers sign up for Sesame loan and insurance arm

Sesame has 4,500 advisers signed up to its mortgage and general insurance arm ahead of industry regulation on October 31. The company was aiming for 5,000 advisers ahead of M-Day but says it is more than happy with the take-up so far, with two months to go. The majority of the adv-isers were already Ses-ame […]

Harry Katz

Harry Katz feels like a newcomer to financial services even though next year marks his 20th anniversary as an IFA but he is the first to admit that times have changed. He had a very different life before financial services. In 1968 he set up a plastics factory in Darwen in the North-west, which he […]

Fund firms join online forum for networks

Tenet Group is starting an online investment forum for M&E and Interdependence network members in partnership with Fidelity, Jupiter, Invesco and Gartmore. The forum will offer investment reports and analysis, fund prices and news, provided through fund supermarket FundsNetwork. Workshops and regional development meetings will also be held for members. Jupiter Unit Trust Managers director […]

What exactly is product innovation?

By Fiona Tait, Pensions Specialist Ros Altmann reportedly hoped for more product innovation following pension freedom¹ and, according to one poll, 66 per cent of advisers also believe that providers should be doing more². This article considers whether there is a real client need for new products, or whether we should be focusing our attention on efficient delivery […]


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