The packager is to launch its mortgage and insurance network, Members Mortgages Network, at the beginning of May and hopes to recruit around 100 appointed representatives (ARs). It also aims to provide compliance services to brokers seeking direct authorisation.
Brokers wishing to join are to be quoted individually calculated fees depending on business volumes and product mix.
Clive Watkins, managing director of Members Mortgages, refused to give an indication of what these fees would be. “We are not looking at a business in isolation but looking at the whole operation. That is why we are launching from 1 May, so brokers can enjoy a honeymoon period before regulation,” he said.
Watkins went on to say that the network would have a lender panel of 28 to 30 lenders, and two or three pure protection and general insurance providers. The providers are to be announced once agreements have been finalised.
“We are independently funded, so we do not owe any lenders any favours,” he added.
