Mike Fitzgerald, sales director at Brentchase Financial Services, said in the past week he has received calls from two networks asking him if he had signed to a network and, if not, would he consider joining theirs.
Fitzgerald said: “It is very weird for networks to call brokers up out of the blue like this. I was taken aback that they were doing this but it indicates that networks are really struggling to get a decent number of brokers signed up and are now scrambling around for any takers.
“The last network that called me didn’t even explain the benefits of the network but only asked if I would like to join them. This could be dangerous for brokers who are still making a decision as they may just join up out of convenience.”
Jonathan Burridge, director of Quantum Mortgage Brokers, commented: “It could be a pitfall for any broker who is panicking that they haven’t joined a network yet. But any intermediary who signs up to a network off the back of a phone call arguably shouldn’t even be in the business.”
Steve Hoare, managing director of Home Loan Partnership, said: “This is not something we would do. You can’t sell your proposition properly over the phone. You can give the broker a general idea of your network but this is not enough. We are against cold-calling for members.”
