Mortgage Intelligence is offering mortgage intermediaries free membership to its network, prompting claims that it is a panic move.
The offer applies until October 31 and applies both to its Spirit solution for appointed representatives and Vantage for directly authorised intermediaries.
Mortgage Intelligence believes that intermediaries are delaying making a decision about which network to join for financial reasons and are keen to manage demand for its proposition to maintain service levels. Intermediaries are urged to commit early rather than wait until the last minute.
Managing director Sally Laker says: “We do not believe that networks should expect mortgage intermediaries to pay now for benefits that they do not actually need until FSA regulation comes into force on October 31.”
Premier Mortgage Services head John Malone says he thinks MI has not hit the target it was aiming for and so it is offering brokers an incentive to join.
Network Data managing director Richard Griffiths believes the move is a “panic measure”, saying he does not think MI has signed up anywhere near the number of appointed representatives it had hoped for and the offer is a “kneejerk reaction”.
Griffiths says: “I find it hard to believe that appointed representatives will join a network because they get a couple of months free membership. It is like getting married to someone you do not like because you get a free case of beer.
“Generally networks are not signing up appointed representatives in any large numbers at the moment.”