Sources informed Mortgage Introducer - News that pre-‘Mortgage Day’ Network Data had a number of ARs that did not have the required qualifications to give mortgage advice.
One source said: “We are aware that just before ‘Mortgage Day’ Network Data had signed up a vast amount of members that did not have the proper qualifications, like CeMAP or MAQ. If this is still the case, then it could cause some serious consequences.”
But Griffiths vehemently denied the accusations. He admitted Network Data had around 70 advisers still waiting to complete examinations but said he would not allow unqualified brokers to carry out any business.
He said: “The dirty tricks brigade is going around again. We have 70 brokers waiting in the wings while they complete qualifications but we would not have anybody giving advice or dealing with customers who were not qualified to do so.”
Griffiths denied that his network was all about ‘building numbers’ despite having a substantial number of unqualified members waiting to get onto the books after they had completed their exams.
Griffiths also responded to criticisms that his network fees to members had been hiked up by 50 per cent only two months after regulation.
Richard Verdin, sales and marketing director at Enable, said: “Was it always Griffiths’ plan to sign people up at one price but really charge another? And if it wasn't in their original plan to increase fees by 50 per cent, what is going so wrong that it now has to implement this inflation busting rise?”
But Griffiths said his network still has one of lowest monthly member fees in the market. “The fees went up £40 from £80 to £120. We have new value-added services such as free access to term assurance quotations on the Exchange and the extension of our share option scheme to cover all insurance cases as well as mortgage cases arranged by our ARs.”
