Central London mortgage brokerage Quantum Money has shut down.
The firm is no longer authorised by the FSA and administrator Carter Clark has been appointed.
Last summer, Quantum partner Fahim Antoniades left to join Mortgage Centre IFA as group director.
Quantum managing director Jonathan Burridge says he expects to see a significant number of adviser businesses go under in 2010.
He says: “I would imagine we are going to see the number of advisers shrink to 30 per cent of the number there were two years ago.” Burridge
adds that 2010 will be, at best, an average year. He says: “I think that the best we will be able to say at the end of 2010 is that it was an unremarkable year.”
But he hopes new entrants into the market will use brokers as “too few players control too much of the market”.
He says: “As soon as more entrants come into the market, the better it will be for the consumer. Hopefully, the entrants that come into the market will show a commitment to intermediary distribution there will certainly be some who won’t.”