When Mortgage Introducer attempted to contact PMM this week, the phones were answered in the name of AMA Financial.
We were told that PMM had been bought by AMA on Wednesday 2 February.
AMA Financial spokeswoman Michele King said PMM had been bought after being declared insolvent. AMA is an appointed representative (AR) firm of the Zurich Advice Network.
PMM had based its proposition on attracting business from advisers who did not intend to become regulated for mortgages but who still wanted to introduce business to PMM and receive a fee.
The business aimed to ring fence these clients allowing the advisers to continued to sell them other financial services while PMM took care of the mortgage side of the business. It is understood that its new owners have kept on the majority of the staff from PMM.
Stephen Atkins, managing director of Freedom Finance, commented: “I am sorry to see that PMM’s business plan did not work out in what has become a very difficult market. I am sure that Mark will re-emerge and be successful somewhere else.”
Bill Warren, director of the Complete Network, commented: “The introducer distribution aspect of the business is very demanding. There’s only a limited amount you can do to control the introducers themselves. And then they can go off and do business with other firms. It’s a high-risk strategy from a compliance perspective.”
Mountney said: “I am confident the good will and name will be continued by the new owners.”
