The two service providers already have over 1000 member firms and over 2000 advisors who will now benefit from each other’s services.
Mortgage Support Network launched in 2002 offering mortgage professionals procuration fees, general insurance and non-regulated life rates of commission. Members can access every lender and over 30 ‘Premier Partner’ providers.
Simplified registration and case submission is backed with the transparent payment of procuration fees direct from the lenders.
SimplyBiz also launched in 2002 by Ken Davy, the founder of DBS in the 1980’s, and in 2003 were responsible a significant proportion of all new FSA applications submitted for authorisation.
The two firms have come together to launch Mortgage Support Direct. The new company is seeking to recruit a further 2,000 firms and provide them with the services they need to be successful in a regulated environment, all under one roof.
This new venture will assist brokers in their application to the FSA, allow them to track the progress of their application online, provide them with a compliance and T&C scheme bespoke to their business, continuous regulation updates, access to regular member only meetings, mortgage placement helpdesk facilities and some of the highest rates of procuration fees and commissions available.
Jason Graham, Managing Director of Mortgage Support Direct commented:
“This is a truly exciting proposition for mortgage professionals and mortgage broking IFA’s seeking direct authorisation. The culmination of our extensive experience in the mortgage, pure protection and general insurance markets and the skills and experience of SimplyBiz in dealing with the FSA and providing recognised regulatory compliance services certainly make Mortgage Support Direct a leading and cost effective choice for all brokers.”
But with the FSA’s application deadline of the 30th April now less than one month away, Ken Davy, Chairman of SimplyBiz, hopes brokers learn from the harsh lessons experienced by IFA’s on a day some 15 years ago and don’t leave it too late,
“Brokers must act now if they wish to apply direct to the FSA. The deadline date for applications is almost upon us and should your application be submitted inaccurately or beyond the 30th April then the FSA will not guarantee you a decision in time for Regulation starting. Without this positive response you could be unable to trade. I would urge all brokers to contact us immediately to avoid this happening to their business.”
Mortgage Support Direct’s FSA application assistance and ongoing regulatory compliance services are offered at a cost of 2.5% + VAT of turnover (minimum fee of £105 pm). There are no additional charges made for accessing the mortgage and life providers and commissions are paid direct. If they fail to get you approved by the FSA then they also guarantee to waive their fee.
