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Brokers told not to rush into networks

The FSA is urging mortgage brokers not to rush into networks before they have all the facts necessary to make an informed decision.

Mortgage regulation coming next October means brokers have to decide whether to be directly authorised by the FSA or become an appointed representative of a network.

But the FSA says brokers do not have to make up their minds yet and they should be wary of networks telling them they do. Industry figures say the FSA is right to be concerned as some mortgage networks are trying to scaremonger brokers into joining them.

FSA spokesman Rob McIvor says: “The FSA is concerned that people are feeling they have to make the decision whether or not to join a network too hastily.”

BM Solutions director of mortgages Michael Bolton says: “There is a lot of scaremongering by mortgage clubs, networks and packagers as they are all actively seeking what they think is a means to carry on after regulation.”

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