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Mortgage company diversifies

Vision Network, formerly The Mortgage Times, has received FSA permission to sell pension, investment and protection products and plans to double the number of member firms this year.

Vision rebranded at the start of the year to become a multi-tie network. It has picked Clerical Medical, Legal & General, Axa, Zurich, Standard Life, Sterling and Cofunds for its investment panel while Clerical Medical, Standard Life, Norwich Union, Aegon Scottish Equitable and Legal & General are on its pension panel. It will be running over 100 training events for members who want to diversify from mortgages.

Director Chris May says Vision has been planning the move for two years and expects the network to grow from its current 600 firms to 1,200 by the end of this year and 1,500 by the end of 2009.

May says it will offer lower monthly fees compared with other networks and will not take a percentage of turnover. It has also developed its own point of sale software.

He says: “The networks have become complacent while a lot of directly authorised advisers are wising up to the fact that the thousands of pounds they pay to support services companies does not offer good value.”

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