Blue Pearl UK, a trading name of Choice Financial Services, announced details of its proposition for appointed representatives (AR) and directly regulated advisers earlier this month.
Richard Griffiths, managing director of Network Data, said: “Blue Pearl is not very well known and its proposition has come quite a bit later than others which may not bode well for it.”
Sally Laker, managing director of Mortgage Intelligence, added: “It would be interesting to know when Blue Pearl applied for its FSA authorisation. This could well determine if it gets its final approval in time for October.”
But Richard Richmond, managing director of Blue Pearl UK, said: “Other networks that declared their propositions months back, and even last year, have since changed their proposals as they did not fit the market.”
He added; “A lot of these propositions will have also become stale by the time brokers decide which one to join.”
Richmond admitted Blue Pearl UK had sent its FSA application late, but expected a Minded to Authorise letter soon. It hopes to recruit over 200 AR members.
Blue Pearl’s network pricing will be based on a percentage of turnover with a guarantee of no fixed monthly subscriptions for advisers who sign up by 1 October 2004. Other key features include full online compliance assistance, free Mortgage Brain and Trigold sourcing software and PI cover.
It also announced an agreement with a packager to provide life cover for its members.
