View more on these topics

AMI aids brokers in AR dilemma

The Association of Mortgage Intermediaries has started a service to help brokers who want to become appointed representatives with mortgage networks.

The FSA&#39s decision not to pre-authorise networks ahead of mortgage regulation has left many brokers unsure which networks to join as ARs.

The FSA will publish “minded to authorise” letters following preliminary checks on networks but formal notices may not be sent out until four to six weeks before the start of regulation.

Networks will have to inform the AMI if they have received their “minded to authorise” notifications and any conditions attached to them. This information will then be listed on the AMI website for advisers to access.

AMI director Chris Cummings says: “The FSA is not publishing the list of the networks it has given provisional approval to, yet this is the very information intermediaries need if they are considering AR status. As AMI is an &#39honest broker&#39 in the market, we can be trusted to provide this information in a non-commercial way.”

Mortgageforce managing director Rob Clifford says: “This is an extremely helpful move from the AMI. There are at least 50 aggregators around and broker firms need to be extremely well placed to choose between them. But even this initiative is doing little more than listing. Many firms will have conditional authorisation but this may not end up covering all areas of business.”

Recommended

New Star reveals four fund galaxy

NEW STAR INVESTMENT FUNDS Galaxy Portfolio Service Type: Portfolio management service Aim: Income and growth by investing in three New Star funds of funds and a New Star unit trust Minimum investment: £25,000 Investment choice: New Star performance portfolio, New Star fund of funds portfolio, New Star managed growth portfolio, New Star monthly income unit […]

Anger over Liverpool Vic admin reshuffle

Leading protection intermediaries are criticising Liverpool Victoria&#39s normally high service standards, saying they have fallen off since the firm announced plans to move life policy admin from Exeter to Bournemouth.Life Policies Direct director Jason King and Lifesearch senior technical adviser Kevin Carr say files are being lost between the two offices and there is confusion […]

John Joseph on Protection

Today is a day for sharing what I discovered hidden in 15 hours of research when I volunteered to go through a new client&#39s existing policies to see exactly what he had.A dentist, 46 years old and to my delight, very protection-conscious, to the extent that Medical Sickness – which is now Wesleyan but still […]

Sesame revenue down 16 per cent

Revenue for Misys&#39 financial services business is down 16 per cent from £233 to 195 interim results for the six months to November 2003 indicate. The company believes continued weakness in the market served by IFAs is to blame. It also says demand for network services has been undermined by adverse conditions in the market […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com