Membership soars for new independent mortgage body

Amanda Jarvis

November 22, 2004

Samuel Tierney, IMA director states “this figure is well beyond expectations and augurs well for our future plans”.

A major boost to the IMA was the release of statistics by the FSA showing a greater number of intermediaries have opted for direct authorisation as opposed to joining a network. Tierney states “more advisor firms have chosen the independent route than initial industry predictions. It appears that independent intermediaries are welcoming an organisation whose sole mission is to assist the general public to distinguish between those advisors who are directly authorised from those who are tied to a network”.

Whilst this is good news for the IMA and its members, the future looks bleak for Networks with small numbers of appointed representatives, who may find it difficult to survive.

Mr Tierney further states “It is clear that the attraction of having the freedom of choice from whole of market lenders, retention of clients and not being controlled by a third party, has been a significant factor for brokers deciding not to tie to a network”.

As well as promoting ‘truly’ independent mortgage advice, the IMA provides members with access to a mortgage club and referral programme; the club currently has over 44 lenders on its panel. The IMA aims to continue expanding its membership and gain greater recognition within the mortgage industry as a whole.

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