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Prestbury opens up club to DA firms

Prestbury has opened its mortgage club to directly authorised firms and claims the move will double its revenue over the next year.

It says 58 DA firms with 110 advisers have joined the club which was only open to appointed representative firms.

The move comes as Prestbury issued a statement anticipating losses of 600,000 for the six months ending April 30, compared with a loss of 1.3m the previous year.

Chief executive Lee Birkett says the traditional mortgage club is dead and believes advisers want value-added services, such as collection of procuration fees, weekly fee distribution, compliance services and FSA reporting. He says the positive effect of the mortgage club is shown by the turnover in April of 800,000 compared with 442,000 for the same month in the previous year.

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