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Appointed reps &#39set to take 75% of the market&#39

Legal & General sales and marketing director John Cupis told delegates at the Mortgage Business Expo in Manchester last week that he believes 75 per cent of business volume will be carried out by networks&#39 appointed representatives after M-Day on October 31.

Cupis looked at “how things will land” for the industry&#39s 36,000 intermediaries, 50 clubs and networks and 115 lenders.

Based on data from the Mortgage Finance Gazette, Cupis said he expects there to be 7,000 intermediaries belonging to directly-authorised firms, 7,000 appointed representatives of life companies, 11,000 brokers belonging to mortgage networks and 10,000 belonging to IFA networks.

He says the figures look reasonable, given that FSA numbers for direct authorisation are around 7,000.

He predicts that smaller IFAs will opt for the appointed representative route while bigger firms will apply for direct authorisation.

Cupis said IFAs deciding upon the appointed representative route will need to act now to secure a place with a network which has received a minded to authorise letter.

On the subject of whether mortgage clubs will survive, Cupis predicts that the number of clubs will decrease as intermediaries opt for bigger networks.

Cupis said it is impossible to tell whether intermediaries will be ready for regulation and able to trade after October 31. He suggested that some will choose to leave the industry as a result of regulation.


90% of loan advisers to carry on after M-Day

Mortgage advisers say they feel comfortable about regulation, with 90 per cent of introducers confident that they will continue to offer advice after October, according to research from Imla. The survey also found that intermediaries think more than half of their customers are not familiar with key mortgage issues. Intermediaries say their customers could not […]

New Star Asset Management – New Star Managed Hedge Fund

Type: Fund of hedge funds Aim: Growth by investing in a portfolio of New Star hedge funds Minimum investment: Lump sum £100,000, $200,000 Place of registration: Dublin Investment split: 26% New Star hedge fund, 20% New Star Japan Hedge Fund, 18% New Star Convertible Opportunities Hedge Fund, 10% New Star Global Wealth Management Hedge Fund, […]

Fidelity to enter CTF market

Fidelity will enter the child trust fund market as soon as the scheme is launched next year. The group says it will launch both a CTF which meets the Government&#39s stakeholder requirements and one which will go beyond these specifications through supermarket FundsNetwork. Parents will have the choice of 900 funds from 55 providers, all […]

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Type: Oeic Aim: Growth by investing in Japanese equities Minimum investment: Lump sum £1,000 Investment split: At least 25% in Japanese small caps, at least 50% in mid caps, remainder in large caps Place of registration: Dublin Charges:Initial up to 5%, annual 1.25% Commission: Initial 3%, renewal 0.5% Tel: 020 7747 5678

The curious market reaction to Brexit

Written by Mike Riddell29 June 2016 Headlines over the past few days have screamed about record falls in sterling, record low bond yields and massive falls in equity prices. However, if you take a slightly longer view of markets rather than simply the one- or two-day reaction, I think it’s amazing how little markets have […]


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