With regard to the article published in Money Marketing last week, headlined A&L will cut principal numbers after M-Day, I feel it misrepresented Alliance & Leicester and our work with intermediaries.
We are working extremely hard as we approach M-Day to ensure that it will be business as usual for Alliance & Leicester but there are a number of networks still yet to receive their approval from the FSA and this has meant that there may be a delay in some instances before we can work with some networks.
In our ongoing comm-unications with the inter-mediary market, we always aim to be open and transparent and to this end forewarned some networks that regretfully it may not be possible to continue trading with them immediately post-M-Day but we are keen to continue comm-unications with them from January 2005.
We are a responsible lender and part of this means ensuring that every broker we deal with is fully validated and that we have compliant legal agreements in place with every network.
Head of intermediary mortgages,
Alliance & Leicester Leicester