The combined network will have more than 400 mortgage advisers within 294 Appointed Representatives. It will operate under the MBSL brand and will create the fourth largest mortgage network in the UK.
Financial Services Authority approval for the merger has already been granted.
Tony Corrigan, managing director of MBSL, will retain the same role within the enlarged operation while Bob Scott, chief executive of PMP, joins the Board of MBSL as a non-executive director.
Both MBSL and PMP members will continue to operate with their existing mortgage sourcing systems, which will help to minimise disruption generated from the integration process, with a decision on future sourcing systems likely to be taken in early 2008.
Tony Corrigan commented: “This merger is very much about economies of scale which will ensure that both existing MBSL and PMP members will benefit from the enhanced bargaining power of a larger network. MBSL’s proposition is generally recognised to be one of the lowest cost compliance solutions in the sector and this will be reinforced by this merger.”
