Abbey for Intermediaries has decided not to apply for Authorised Principal (AP) status ahead of FSA mortgage regulation coming into effect on October 31 this year, despite other product providers going down that route.
The Glasgow-based company says the move comes because it does not want to competewith its customers. Ambrose McGinn, director of Abbey for Intermediaries, says: "By not setting up in direct competition with IFAs and networks that choose the directly regulated route, we are underlining our pledge to deliver support exactly where it is needed within the intermediary market." However, while Abbey has choosen to stay out of the way of IFAs and networks, other large product providers, such as Friends Provident and Legal & General, have applied to the regulator for AP status. Abbey ins...
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