Figures from the FSA last week revealed that most networks failed to hit the number of AR firms they had predicted at the start of the recruitment process last year.
Dev Malle, associate director of operations at Pink Home Loans, said: “I anticipate that there are somewhere in the region of 2,000 firms out there but this figure has to take into account the numbers that have completed the paperwork and are simply awaiting their authorisation number.
“We expect our figures, from the original FSA register figures as released on November 1 to double over the next two to three weeks.”
Malle continued “It is about gaining quality, not just making up numbers. At the end of the day you, as the network, are responsible for their compliance.”
John Smith, managing director at Guaranteed Home Loans, explained the reality of regulation was slowly sinking in for people who had been in the industry for years but had yet to get up to speed.
He said: “There are still a huge amount of unregistered brokers out there, it is only an estimation but I believe it is somewhere in the region of up to 2,000 firms. We have signed up two today and have more in the pipeline.”
Sally Laker, managing director at Mortgage Intelligence said: “It’s difficult to estimate but the figures suggested are possible. At the moment we are still receiving applications and talking to people but we are not rushing things, we will maintain the standards we have set.”
