The Finance Centre is working on a proposal to take over the mortgage packaging company IMB, with TFC expecting to take effective control of the business by the end of the day.
IMB - which was the packaging arm of mortgage network PMN - provided packaging services for Berkeley Berry Birch, which stated its long term objective was to bring IMB into their group to support their network Berkeley Independent Advisors (BIA).
However following the removal of FSA permission for BIA to carry out regulated activities, IMB lost a significant part of its business volume when BIA was taken over by Tenet, although it continued to provide services to a number of directly authorised brokers.
TFC says its 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, it says IMB will benefit from TFC’s strong technology platform while IMB’s brokers will be able to access its lender panel, including its branded lending arrangements within TFC Homeloans.
Wayne Smethurst, senior partner of The Finance Centre, says: “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.”
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