The notice confirming authorisation will be effective from Sunday 31st October 2004.
This news is highly significant as, unlike the ‘Minded to Authorise’ letters, this is the actual granting of permission – something which has currently only been granted to a handful of firms.
With the number of applications for direct authorisation being significantly lower than first anticipated Cartel believes that the future, under the new regulatory framework, will provide significant opportunities for the Group, the Company, its head office staff, the salaried advisers currently working for the firm and those joining in the future.
Cartel’s Compliance Director, John Rattigan, said ‘We are looking forward to M Day. A lot of work has been done so far within the group to get us to our current position but this is only the start. We believe that the fully employed mortgage adviser proposition, with a basic salary plus bonuses, has served us well to date and is the best way to embrace the new regulations. Cartel is one of the few companies in the UK offering an extremely high basic salary with a commission bonus. With continued recruitment for these positions our growth will be based on solid foundations.’
Notes to editors: Cartel is one of the largest mortgage intermediaries in the UK.
Managing director Carl Wright founded the company in 1997 and now Cartel and its associated companies have over 400 employees worldwide, with operations in India and Egypt.
The company’s unique selling point is a concept called Mortgage Cost Reduction (MCR), which is exclusive to Cartel and aims to give clients the most suitable deal on a mortgage or re-mortgage.
