There could be as many as 1,000 extra mortgage advisers operating in the industry within the next few years as intermediaries cancel their investment permissions as a result of the Retail Distribution Review (RDR), according to Martin Reynolds, CEO of SimplyBiz Mortgages.
Reynolds said SimplyBiz estimates the existing number of mortgage advisers at about 10,500. But he said he expects the market to bulge as advisers' propositions and permissions change from next year. From 31 December, and as a result of the RDR, financial advisers will no longer be able to receive commission on retail investment business. The minimum qualification requirement for advisers has also been raised, from QCF Level 3 to 4. Reynolds (pictured) said he felt this will have a near-immediate bearing on the face of the mortgage intermediary market. "There has been plenty ...
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