The Appointed Principal offering allows packagers to act as Principals, and sign brokers up as ARs, while Network Data acts as the overall Principal with compliance responsibility to the FSA.
Keith Hood, managing director of DMA, said: “We started recruiting around December and hope to recruit around 200 brokers before regulation. By entering into this commercial arrangement with Network Data, we can focus on our core competencies of dealing with the broker market and packaging mortgages.
“Combining Network Data’s expertise of FSA regulation with our own in the packaging sector makes a very powerful proposition for prospective AR’s”
Richard Griffiths, managing director of Network Data, said: “We are very pleased to attract a packager of the size and calibre of DMA. The on-going recruitment of packagers into the network also means we can provide adequate capacity for packaging mortgages for the growing number of ARs who are joining Network Data.”
Commenting on the development Barry Robson, managing director, of Genesis, who are also recruiting packagers under a franchising scheme, said: “A lot of packagers are looking closely at how they will operate in the post-regulatory environment. We have a good number who are currently going through the due diligence process required before we can sign them up to an agreement.”
