And of those intermediaries yet to decide on their regulatory option more than a quarter say that direct authorisation is the most likely route they will take.
Almost seven out of ten respondents to the survey (69%) said that they had already decided on the regulatory option which will apply to them after the introduction of mortgage regulation in October. The vast majority of these (96%) said that they would continue to offer advice.
Of those not choosing direct authorisation more than a quarter said that they would be tied to a life assurance company, whilst almost one in six said that they would be a member of an IFA network. Only 8% plan to join a mortgage intermediary network.
Nearly three quarters (73%) of respondents who have made their regulatory decision say that they have already met all the requirements applicable to the option they have chosen. Of those who have not yet met all the requirements almost half are preparing to apply for membership or authorisation. The next actions most likely to be under preparation were the conduct of staff training and the implementation of new systems and procedures.
Of those respondents who had not yet decided on their regulatory option the majority (71%) say that they are still considering and evaluating the options available to them. More than two out of ten (21%), however, feel that they do not have sufficient information on which to base a decision and around one in six has decided to wait until nearer the time before making a decision.
John Maltby, Chairman of IMLA said "This original research by IMLA demonstrates that mortgage intermediaries have made some significant progress in response to the FSA's call to action. The early trend seems to be that many more are seeking direct authorisation than was initially projected and this may be good for the long term balance and health of the industry".
More information can be viewed at the IMLA website www.imla.org.uk
