This new facility will provide intermediaries with access to a wide range of lenders offering procuration fees at the highest levels available whilst maintaining Paymentshield’s strategy to offer services and facilities free of charge.
Boulger said: “Feedback from mortgage intermediaries at our recent roadshows tells us that those who favour the appointed representative route under future FSA regulation want to use life products, general insurance and mortgages from one source.
“Given that we currently supply 16500 agents with general insurance products and over 3500 with pure protection insurance, it is our intention to act as a principal for these products under forthcoming FSA regulation. Extending our activities to cover mortgages allows us to provide compliance for all products surrounding the mortgage event therefore giving economies of scale.”
Paymentshield estimate that up to 7000 mortgage intermediaries will choose to become appointed representatives of its mortgage-related network whilst still providing products and services to those who are directly regulated.
The launch date for the mortgage club is scheduled for 1st September. Mortgage intermediaries will be able to source and offer all of the products associated to a mortgage sale from the Paymentshield Group.
