The network is looking for 250 appointed representatives (ARs), as well as directly authorised firms who are seeking help with their compliance needs.
Fees are set at £295 a year for PI insurance and £30 a month to use the network’s sourcing and compliance systems. Brokers will have access to 40 lenders and whole of market insurance products with proc fees paid on completion.
Explaining the timing of the launch only five months before the introduction of FSA regulation, Professional Mortgage Partnership spokesman Paul Murricane said: “We, along with most other networks, anticipated receiving our minded to authorise (MTA) letter from the FSA and were hoping to use this as part of the launch. Obviously this has not happened. We also wanted to take our time over the proposition to ensure it was right.”
Commenting on the launch, Tony Corrigan, managing director of Classic Network Solutions, said: “They may have launched a little too late. Many of the brokers we are talking to have already narrowed their choices down to one or two networks.”
Andy Frankish, technical director at Mortgage Talk, said: “It will never be too late to launch a good network. I think there will be a lot of swapping around by ARs post-October.”
