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L&G ponders principal status

Legal & General says it hopes to take principal status under mortgage regulation if final details from the FSA in September are favourable for it to consider this route.

The mortgage club says it is looking at a number of ways to help brokers planning to become appointed representatives under mortgage regulation. This could be by L&G taking principal status although it is not ruling out a different route, for example, another party taking principal status on L&G&#39s behalf.

L&G says it will not finalise its plans until the FSA has made clear exactly what taking principal status entails. It will also provide support to firms looking for direct authorisation.

Protection and housing director Graham Newitt says: “We definitely want to help those who are looking to become appointed representatives, either through becoming a principal ourselves or through a different route, which could involve another party taking principal status on our behalf.”

Sesame head of mortgage services Andy Young says: “A lot of IFAs currently using L&G might take the AR route with a different principal.

“If a vast quantity of L&G&#39s business comes in that way, it may not go the whole principal route.”

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