Intermediaries looking to become an appointed representative should consider submitting membership applications to at least three mortgage networks in order to ensure they are able to continue trading from M-Day, according to PMN.
PMN believes that as many as 20 networks won't be in a position to offering full network facilities to members by October 31st.
Managing director Dale Knight says: “My recommendation is that anyone seeking AR status through a network should submit applications to at least three networks - including one of the big names. At least then the ARs back will be covered if their preferred choice doesn't make the grade. I have no doubts that failing to have a contingency will cost an AR dear in the final analysis.”