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M&E setting up loans network to train IFAs

M&E Network is setting up a mortgage network to help advisers meet lender

standards under the new regulatory regime.

Independent Mortgage Advice hopes to sign up 1,000 intermediaries by the

end of the first year in addition to the 1,000 IFAs which are already M&E

and Interdependence members.

The network will provide the compliance training lenders are likely to

demand from IFAs once the FSA starts regulating mortgages.

Using software from The Exchange, intermediaries will have access to

product information, audit details, reasons why letters and guidance

through the new regime.

M&E says it has most of the major lenders on board to support the

initiative and they will be offering higher procuration fees to compliant

IFAs.

An M&E spokesman concedes there will be a cost to intermediaries but this

will be substantially less than if they were to buy the software

themselves.

Chairman Barry Kayes told delegates at the network&#39s conference in

Birmingham last week that there would be significantly fewer than the

40,000 intermediaries who operate in the mortgage sector once the FSA

starts regulating. He hopes the network will help “sort the wheat from the

chaff”.

Kayes says: “The main thrust of this venture will be external. IFAs can

have all their needs met much more cost-effectively than they are now and

we can help them do that.”

Nationwide Building Society spokesman Peter Brown says: “Any system that

ensures IFAs are compliant has to be welcomed in the financial services

industry.”

M&E conference, p8

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