OFM Group has relinquished its directly authorised status and joined Personal Touch Financial Services.
OFM says being directly authorised was not cost or time effective.
OFM Group completed 500 million of mortgage business last year and over the past seven years has arranged in excess of 10,000 residential mortgages, making it one of PTFS largest members.
Formed in 1998 by Rob Jupp, Managing Director of OFM Group, OFM has 40 staff and about 25 RIs. OFM is split into four trading divisions – its packager The Mortgage Processing Centre, OFM Review which deals with client retention, OFM IFAs which deals with the group’s savings, pensions, investments and protection requirements and OFM Direct Sales force which works with selected estate agnts as well as local and national builders.
Jupp says: The additional work involved in being directly regulated by the FSA would hinder business growth. The OFM Board was impressed by the PTFS proposition which includes market leading commission terms, full compliance support and PI insurance, not to mention their commitment to IT.”
PTFS managing director Mike Allison says: We have invested heavily in our IT systems. PTFS and OFM are now working on a joint packaging relationship to enhance the already high servicing standards available to our 1,200 plus ARs and members of the PTFS Mortgage Club.”