View more on these topics

AMI help members seek appointed representative status

The Association of Mortgage Intermediaries has introduced a new service to help its members seek appointed representative status.
Many organisations are declaring their intention to offer become mortgage network principals and are now recruiting Appointed Representatives, but the FSA has decided not to pre-authorise networks.

The FSA will be issuing “minded to authorise” letters following preliminary checks on networks. However, formal notices may not be sent out until 4 to 6 weeks before the start of mortgage regulation. This means mortgage intermediaries risk being put in the position where they are not clear which networks have
successfully completed the application process.

Following a new development networks that have received their “minded to authorise” letter can now list this fact on the AMI website. This service is open to all networks, at no charge, to allow intermediaries to have access to the full facts before making a choice, bringing clarity to the market.

AMI director Chris Cummings says: “The onus is on networks to tell us if they have received their “mind to authorise” notifications and any conditions attached to them. If they do this, we will list them on our web site – and intermediaries can check it.

“We will also add to the listing when any network gets its formal Part IV authorisation – or if any is ultimately declined. This is the information intermediaries need to make a sensible business decision on which network to speak to and we want to help to provide it.”

Recommended

Bonus of contention

As part of my latest series looking at the best ways to extract funds from a private company so as to make minimum payments to the authorities, I began last week to consider the topic of dividends. Taking the example of a company paying corporation tax at the rate of 19 per cent which wishes […]

Lighthouse advisers claim £1m bonuses

National IFA Lighthouse chairman David Hickey says he expects to settle a law suit brought by nine IFAs who claim they are owed a total of £1m in bonuses agreed when they joined the firm. The case is being brought in the High Court by eight RIs who still work for Lighthouse and one adviser […]

A crucial test for Standard and FSA

You can almost sense the collective shiver running down the spines of IFAs across the country as Standard Life grapples with the FSA&#39s new way of calculating financial strength. It has not been a very good couple of weeks for the giant Scottish mutual. But a few things are clear. The first is that the […]

Nationwide – 2 Year Fixed Rate Mortgage

NATIONWIDE 2-Year Fixed Rate Mortgage Type: Fixed-rate mortgage Fixed term: Two years Fixed rate: Up to 95% of valuation 5.49%, up to 90% of valuation 5.09%, up to 75% of valuation 4.99% Minimum loan: £1 Maximum loan: Up to 95% of valuation subject to a maximum of £200,000, up to 90% of valuation subject to […]

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