This follows Pink’s recently announced panel management agreement with Oakwood Financial Management. Pink will provide direct and packaged lender panel management, exclusive products and support in the mortgage market.
David Copland, sales and marketing director at Pink, explained that firms are still coming to terms with regulation and in the current environment there is a need for firms to ensure their lender panel is representative of whole of market as part of the requirements to be independent.
He said: “We are looking at managing the panels of medium to large DA firms. Regulation is still affecting some firms; they are busy and might not have as much time as they wish. By outsourcing their panel management it will save firms valuable time, and therefore money, as we will be meeting with lenders, securing proc fees and ensuring a whole of market representation.”
Charles Gooding, managing director of First4brokers, said: “Networks and some of the larger regulated packagers are constantly looking to diversify into elements of the market that have been relatively untouched. I don’t know much regarding Pink’s proposals but it is a sign of the times that we need to look into offering a range of services in order to compete.”
Tony Corrigan, managing director of Classic Network Solutions, argued that Pink’s focus is a sign that the decision of DA brokers to go it alone is not a long-term viable and profitable solution. “The networks need to offer a direct proposal to accommodate the growing number of disillusioned brokers that want to maintain the façade of being directly authorised but haven’t got the buying power to remain alone,” he said.
