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Coulson accuses networks of locking in members

Home of Choice chief executive Richard Coulson claims rivals are blocking brokers from joining his network.

Coulson, whose network has completed its first year since his acrimonious split from Zurich’s mortgage arm in 2005, accuses a number of networks of increasing lock-in periods to stop their members moving.

He says: “There are 320 individual brokers awaiting transfer to us but many of their networks are changing notice periods and locking these guys in for six months.

“You have these guys that want to leave but their networks will not let them. Some are seeing a freeze in commission. It is not right. The numbers of applications we are getting is staggering.”

Coulson says HoC will make at least one acquisition this year and is in talks with six other networks, reflecting his prediction that the market will see significant consolidation over the coming months.

He has doubled his target of 1,000 sellers within the first three years to 2,000 after a successful first 12 months.

Coulson says HoC is not one of the four networks that has agreed voluntarily to suspend the appointment of any further appointed representatives after an FSA probe.


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