HomeLoan Partnership will take full regulatory responsibility for the product advice and compliance requirements in respect of mortgage and non-investment insurance business of its appointed representatives when mortgage products come within the remit of the FSA from October 2004 (and general insurance products from January 2005).
Martin Cave, managing director of HomeLoan Partnership, said:
“HomeLoan Partnership is naturally delighted to have received its formal authorisation in good time for the start of statutory regulation. Ours was a particularly complex application due to the network’s change of ownership just at the time our application needed to be submitted to the FSA back at the beginning of the year.
“The alliance between HomeLoan Partnership and Mortgage 2000 enables existing network members and other intermediaries, who wish to become an Appointed Representative of a reputable company, access to a full range of products, services and support available from the network, together with the market leading Mortgage 2000 Financial Group offerings.”
Sean Hornsby, managing director of Mortgage 2000, said:
“HomeLoan Partnership will provide introducers wishing to become Appointed Representative’s post M-day with a complete support package including all compliance and regulatory responsibilities and access to the market leading Encore sourcing system. This support leaves ARs free to continue doing what they are good at, giving advice on mortgages and growing their business, safe in the knowledge that everything is in place to remain doing business post M-day.”
Members who join the network will gain access to:
A simple cost structure
Free sourcing and compliance software via Mortgage 2000’s Encore sourcing system
Comprehensive panel of general insurers via the Encore sourcing system
Access to the Mortgage Trading Exchange available on Encore
Comprehensive lending panel from m2–mortgage club
Access to a panel of four packagers
Market-leading procuration fees
Free AMI membership
Free mortgage leads
No application fees for joining
FOS and FSCS Levies
Reduced cost Group PI cover
Independent status
David Payne, compliance and regulation director at Mortgage 2000 sits on the HomeLoan Partnership Board as a non-executive director. Payne was former operations director at the MCCB.
