PMP has a ‘no minimum business stipulation’ for members, a joining fee of £295 and a £30 per month charge thereafter.
David Dodsworth, compliance manager for PMP, said: “Members are keen to join right away because there is no need to renew their professional indemnity (PI) or Mortgage Code Compliance Board (MCCB) registration. When their MCCB registration comes up for renewal they have looked around and decided to go with us because this is still a people business.”
Commenting on the announcement Tony Jones, managing director of Pink, said: “I think that more brokers are starting to make up their minds about which network is best for them. Certainly we have also begun to notice a marked increase in the number of applications.”
Jones said many brokers were following the Association of Mortgage Intermediaries (AMI) advice to see the networks FSA ‘minded to authorise’ (MTA) letter before signing up.
Jones added that recent comments in the press advising brokers to wait and see for even longer were unhelpful as they failed to take into consideration how long it could take for an AR to have their references checked. “If paperwork is still being processed at the end of October firms will have to stop trading,” he said.
