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One in three advisers still undecided about post M-Day status

Thirty three per cent of mortgage brokers are yet to decide whether they will be directly authorised, appointed representatives or introducers post M-Day, according to new research from Next Generation Mortgages and its network arm networkone.

A poll of 12,000 intermediaries throughout the UK found that one out of every three advisers has failed to submit an application to the FSA to become a principal or to become an appointed representative or introducer with a network.

NGM director of marketing and business development Tony Yorke says: “The industry has failed to educate the mortgage introducer community, and there could be a heavy price to pay by all parties. The stark reality is that there is not enough time available to process the thousands of advisers who have yet to decide exactly where their future lies.”

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