The company has, subject to obtaining its own Permissions, finalised its plans to offer 3 levels of service to Directly Authorised firms, Directly Authorised firms seeking expert compliance and monitoring services and Appointed Representatives, many of which it expects will be its current business partners.
Chris French, Managing Director, said “Other would-be Principals are also announcing their plans and the time will soon be here when firms have to decide. Choosing the right business partner will be crucial to a firm’s long-term future growth and in some cases its existence in the market. Our advice to intermediaries is to look at all the proposals before signing up, but don’t make your choice on price alone. It is most important to have a Principal in tune with your business needs”.
Chris went on to say that “We have developed three levels of service (partners), each with a separate proposition and easy to follow pricing mechanism. The services are:
- Finesse Partner (Directly Authorised Firm)
A firm taking care of its own compliance and accessing the Mortgage Marketing centre lender panel of 30 lenders offering “whole of market” products including commercial products.
Free compliant and lender authenticated software will be provided if required.
Free compliance advice to firms submitting 25 cases per year for packaging on a pro-rata basis.
No fees payable to Mortgage Marketing Centre.
- Foster Partner (Directly Authorised Firm with full compliance service).
Access the Mortgage Marketing centre lender panel of 30 lenders offering “whole of market” products including commercial products.
Free compliant and lender authenticated software
Complete compliance service on cases submitted using free software and/or when the case is packaged by Mortgage Marketing Centre
Full training, competence and supervision
Advice on record-keeping
Free Compliance Manual.
Fees payable to Mortgage Marketing Centre – Registration fee £100. £50 per firm and £25 per mortgage adviser per month.
- Foundation Partner (Appointed Representative with full compliance service)
Appointed Representative Contract and Vetting
Product range of Mortgage Marketing centre lender panel of 30 lenders offering “whole of market” products including commercial products.
Free compliant and lender authenticated software
Complete compliance service on cases submitted using free software and when the case is packaged by Mortgage Marketing Centre
Full training, competence and supervision
Advice on record-keeping
Free Compliance Manual.
Authorisation for Financial Promotions
Fees payable to Mortgage Marketing Centre – Registration fee £0 to 31/3/2004, £100 to 30/6/2004, £250 after 1/7/2004.
10% of all mortgage lender procuration fees on completion (by deduction)
Other fees for Appointed Representatives for General Insurance
10% of all general insurance commission fees on completion (by deduction)
