Mortgage introducer MoneyNet has taken the bold step of suspending "a number" of its existing mortgage brokers who might have to stop operating once new regulations comes into force next month.
Richard Brown, chief executive at MoneyNet, says there are still some of its 15 partner members who have yet to receive their FSA authorisation to trade, but which they must hold to carry on mortgage business after M-day or October 31st. There is already talk in the mortgage market suggesting there are too many mortgage networks compared with mortgage intermediaries, says Brown, yet advisers appear to be dragging their feet when preparing for the new rules and must therefore be gee’d along now before they are no longer authorised to trade. "We are not casting any slur on our fulfilment...
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