Axa is to become a mortgage principal for its tied advisers and others searching for a principal after FSA regulation starts on October 31.
The company last year set up Axa Mortgage Solutions, which allowed its tied salespeople to conduct mortgage business.
Axa is following rival insurers Legal & General and Friends Provident in setting out their stalls as a principal in the mortgage market. Its panel features 40 lenders broken into mainstream, sub-prime, buy to let and self-certification and regional.
It is primarily aimed at any of Axa's 475 currently tied agents who want to continue doing mortgage business after regulation but the company says it is happy to speak to anyone who may be searching for a principal.
It forms part of Axa's push to become the “host of choice” for advisers across all product areas.
Head of adviser network Paul Rogers says that by capitalising on Axa's growing distribution, its financial strength and breadth of product, he expects to see a substantial increase in the number of distributors that can benefit from the proposition.
Axa believes it will become increasingly important for advisers to demonstrate they are providing clients with well res- earched advice underpinned by the security of fully compliant systems.
The proposition will provide a route to authorisation for companies which advise on mortgage products and offer compliance support for appointed reps.
Axa says it will meet FSA capital adequacy and professional indemnity requirements on behalf of members.
Rodgers says: “The unveiling of our new mortgage proposition demonstrates Axa's intention not only to become a major player in the mortgage market but also our commitment to our business partners.”