Chris Cummings, AMI Director comments: "The lead up to regulation has created uncertainty in the market. One of the key questions facing any mortgage intermediary who had decided to become an Appointed Representative was: how do I select the right network for me? Rightly or wrongly many had delayed their decision until the networks had received Minded to Authorise letters.
“Networks with MTAs can prove they are in the game. They have passed the first round of the FSA authorisation process. However, approving a network is not a swift affair. Many good networks are still awaiting their MTAs and intermediaries shouldn’t necessarily jump for the first one they see.
“We are particularly pleased that IFA networks and new mortgage networks will be receiving their Variations of Permissions and Minded to Authorise letters at the same time. We informed the FSA of our concerns that one part of the market could receive a competitive advantage over another if the dates had not been synchronised.”
AMI has published a range of guides to help members select the right network for them. The most popular is our “21 questions to ask a network”. This is free on the AMI website: www.a-m-i.org.uk
