IMB, which was the packaging arm of mortgage network PMN, continued to provide packaging services when Berkeley Berry Birch stated their long term objective was to bring IMB into their group to support their network Berkeley Independent Advisors (BIA).
Following the removal by the FSA of permission for BIA to carry out regulated activities, BIA was taken over by Tenet. As a result of these changes, IMB lost a significant part of its business volume, although it continued to provide services to a number of directly authorised brokers.
tfc’s proposal will allow IMB and its broker customers to take advantage of tfc’s position as one of the UK’s leading mortgage distributors. In particular, IMB will benefit from tfc’s strong technology platform while IMB’s brokers will be able to access tfc’s lender panel, including its branded lending arrangements within tfc Homeloans.
Commenting on the proposal, Wayne Smethurst, senior partner of The Finance Centre, said: “We’re still investigating the accounts but it seems that money may be owed to IMB by both the PMN & BIA networks, which may never be recovered. We are looking at ways The Finance Centre can help put IMB’s business back on an even keel following the failure of its largest distribution route. While I’m not making any promises yet, we’ll do our best to find a solution that delivers a brighter future for IMB and its customers.”
