Alliance & Leicester will be restricting the number of principals it deals with after M-Day, Money Marketing has learned.
National accounts manager David Rhodes is understood to have told several companies that it will exclude from M-Day that it may restart business with them in January.
The managing director of one excluded IFA firm says he is seriously contemplating whether A&L will be reinstated onto its mortgage panel in January.
A&L head of mortgage intermediaries Mehrdad Yousefi says the company is not in a position to trade with every principal from day one of mortgage regulation but would not specify why.
Yousefi says: “It would be irresponsible of a major lender to say that it can deal with a firm if it has not checked the validity of its members. Remember that we have serious commitments to consumers as well as brokers. We have to make sure that everything is compliant and makes good business sense.”