The mortgage distributor was confident that it would receive its minded to approve letter from the FSA, as it has invested heavily in ensuring it has robust systems in place, and is now in a position to continue with its plans to provide a compliance solution for its customers whichever regulatory route they decide to take.
Tony Jones, managing director at Pink Home Loans, comments: “We are delighted to receive our minded to approve (MTA) letter. We have successfully passed another important milestone in the road to regulation. Receiving our minded to approve letter enables us to focus on developing our appointed representative network and our directly authorised proposition.”
“This letter also enables intermediaries to make the decision to join our network and be confident that they will be in a position to continue to trade post-Mortgage Day. We have committed to spend over £1.5 million in developing our compliance services and have recruited a team of experienced professionals to successfully deliver our network proposition. Our plans to recruit 300 appointed representatives to form a quality network can now go full steam ahead. We expect the number of applications to join our appointed representative network to increase following receipt of our minded to approve letter.”
