Mortgage intermediary Cartel is offering a lifeline to members of Perthshire mortgage processor National Mortgage Services following its closure to business on April 1.Cartel says it has started to approach ex-members as it sees this an opportunity to expand its national business, particularly into Scotland, and says it already has five who have expressed a keen interest in joining. It is understood that 80 members of NMS are affected by the closure. Parent broker company Easy-Life (UK) is not answering phone calls and its website is not functioning. NMS’s decision to stop trading came to light when a memo surfaced saying it was not economically viable to continue trading in its present format. NMS told its brokers that it had arranged to transfer them to independent mortgage broker Mortgage and Loans Savings Centre. But MLSC director Jack Abraham has told Money Marketing that only one member of NMS is interested in taking up the offer and, of the 80 names he was given, only a handful would be appropriate for his business. NMS was unavailable for comment. Abraham says: “I am in a position to offer new cont- racts and training as we are looking to expand but we are now only looking at four or five NMS names.” Cartel director of compliance John Rattigan says: “Firms are becoming financially unviable because of the extra costs imposed by regulation. It is indicative of our times.”
Aifa is experimenting with the idea of providing customer care managers for the major networks and support services grounds as a way of promoting Aifa and allowing a better flow of information to members. David Severn responded to a query from a network member at the roadshow by saying that Aifa was piloting a customer […]
It is often said that there is only one thing worse than being talked about and that is not being talked about. It is perhaps an indication of its impact on the market that Standard Life’s Sipp continues to generate so much interest. There has been considerable coverage of our decision to appoint Fidelity FundsNetwork […]
Mortgage intermediary Cartel is offering a lifeline to members of Perthshire mortgage processor National Mortgage Services following its closure to business on April 1.
Mortgage intermediaries are exposed to embarrassment in front of their clients when lenders indiscriminately change their procuration fees, says Mortgage Portfolio Services mortgage planner Simon Chalk.
Did you know that 60 per cent of business owners said they had no protection in place to cover the cost of buying shares should a business owner die?*
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