The new independent mortgage network that offers a full range of compliance services with many add-on extras, provided for brokers and run by brokers. The company will be based in Peterborough and has embarked on a recruitment drive.
The new independent network is expected to attract between 100 and 150 member firms and with ongoing support from the NACFB (National Association of Commercial Finance Brokers) will cater for the requirements of all mortgage intermediaries including those who work in the commercial and semi-commercial market.
There are three levels of membership available:
1.
Appointed Representative – for those undertaking regulated
activity and requiring the umbrella of a network receive full
compliance support and access to a wide range of services.
Application fee of £300.
2.
Introducer - for those who do not intend on carrying out regulated activity but have clients who require mortgage advice. A simple agreement is set up between introducer and network and the broker receives a percentage of the fees earned. Cost: £175 per annum.
3.
Directly Authorised Firm and individuals can access a range of services including compliance. Cost: £175 per annum.
F4B will offer General Insurance Compliance and a range of products before regulation is introduced in January 2005.
Charles Gooding, Managing Director of First4Brokers, says:
“Bringing F4B to this stage has been a challenge and the result of much hard work with leading professionals in the industry. We are determined to become one of the leading Mortgage Networks in the UK.”
