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AFI to relaunch loan club without principal status

Abbey for Intermediaries is planning to relaunch its mortgage club to IFAs and will not be applying to the FSA for principal status, saying it does not want to compete with intermediaries.

Over the next few weeks, AfI&#39s The Mortgage Alliance will offer improved features such as access to training, enhanced sourcing systems and new lenders.

AfI says IFAs should expect further developments which relate more specifically to regulatory support in the run-up to statutory regulation in October.

The Mortgage Alliance, which was set up in March 2000, allows intermediaries to place mortgages with lending partners and get introducer fees and exclusive products negotiated by Scottish Provident.

The Mortgage Alliance head Mark Evans says: “We offer a service which is ideal for brokers who are directly regulated. We aim to provide exactly the type of support that intermediaries will need under statutory regulation.

“The bespoke solution offered by The Mortgage Alliance is ideally suited to appointed principals, helping them to present a professional and creditable service to their clients.”

AfI director Ambrose McGinn says: “We do not compete with our customers, it&#39s as simple as that. By not setting up in direct competition with IFAs and networks that choose the directly regulated route, we are underlining our pledge to deliver support exactly where it is needed within the intermediary market. The Mortgage All-iance has pedigree and a track record that can only be enhanced as we add new and better facilities for IFAs.”

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