Half of mortgage intermediaries opt for direct authorisation
Mortgage Business Expo, which was held on 17 and 18 November in London, had 5,000 visitors. In its third year since inception, the event was again supported by the Council of Mortgage Lenders (CML) and the Association of Mortgage Intermediaries (AMI).
The research, which was part of the registration process for the show, asked mortgage intermediaries to indicate their or their company’s status post-regulation.
The answers were:
I am directly authorised by the FSA – 50%
I am an appointed representative – 30.8%
I intend to become directly authorised by the FSA – 8.6%
I intend to become an appointed representative – 10.6%
Just over a year earlier, in October 2003, the show’s organisers released research showing that 42% of mortgage intermediaries were still unclear about their future. The research, which was part of the pre-registration process for the 2003 show, asked more than 2,000 mortgage intermediaries whether it was their or their company’s intention to become a principal company, regulated directly by the FSA, or an appointed representative when regulation was introduced in October 2004.
The next Mortgage Business Expo takes place on 18 and 19 May 2005 at the G-MEX exhibition centre in Manchester.