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Be wary of network promises – PMN

The Professional Mortgage Network is warning intermediaries who are still considering joining a mortgage network to avoid aligning themselves with organisations promising fast-track authorisation and guarantees of authorisation being granted.

Managing director Dale Knight says: &#34At best, it is irresponsible on the part of the network to paint a picture to a potential member that suggests their AR application is going to be given preferential treatment by the FSA. At worst, it&#39s a case of signing a member up under false pretences. The dividing line between the two is very thin indeed.

&#34I urge anyone who is interested in joining a network to bide their time and take a hard look at the opportunities available to them. The reality is that no network can bring any influence to bear on the time it takes to process an application for membership.

&#34Any network that suggests they can fast-track anything is either behaving foolishly or is desperate to achieve a certain level of business.&#34


Product Matters

Standard Life has been quite adept atrein venting itself over the years. In the 1970s, final-salary scheme business; in the 1980s, it was endowments; in the 1990s it was money-purchase pensions, now in the new millennium it is turning itself into an admin company. The industry&#39s answer to Madonna? The launch of the Standard Life […]

Someone&#39s got their M-Day figures wrong

The Association of Mortgage Intermediaries has kindly given members a 30-step checklist as they get ready for M-Day. But the checklist seems to have jumped to 31. Despite the insistence of policy officer Ben Stafford that there are 30, the Diary still counts that extra one. So, this if for you, Ben: Two weeks left […]

Campbell to open investment boutique

Former managing director of Jupiter and Artemis Jamie Campbell is set to open a new investment boutique. Campbell will be managing director of Montague Asset Management which is thought to be launching a UK growth fund in the first quarter of 2005. This will be run by former Axa global emerging markets manager Bill Roden. […]

Summing up in L&G fine appeal

Legal & General&#39s appeal against a £1.1m fine from the regulator for alleged endowment miselling will end this week following summing up from both the FSA and the insurer&#39s legal teams. L& G denies systemic miselling.


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