Manchester Building Society claims to have become the first regional building society to receive its minded to approve letter from the FSA.
The society's Mortgage Broking Services Ltd was launched earlier this year to enable financial advisors to comply with changes to mortgage regulation in October.
The society network offer provides a fees free compliance and PI cover regime for appointed representatives using the network's lender panel.
Manchester Building Society chief executive David Cowie says: “Having committed to forming the Mortgage Broking Services Network, mainly for the benefit of North West based brokers, it is very pleasing to receive the mined to approve letter. I can confirm that it is full steam ahead for the network and it will be fully functional ahead of October 31 2004.”