Special Official Note For Mortgage Brokers

AndrewSmith

payless wrote:

remember Martin's Ltd co (& therefore this site ?) is also FSA regtstered

Agreed, but not in the context of the information posted by the public on the forums.

The FSA registration for the LTD co related purely to the information and advice given by Martin himself.

homersimpson_3

I'm currently deciding between being DA and AR for my new company which launches early next year. A close IFA friend of mine is DA and swears by it, to avoid the interference of networks and maximise profits. What I'm trying to work out is, would I be at a loss being DA as I would lose all the "exclusives" to certain networks, and also I would have to write xxxx amount of business to justify the DA FSA fee's and payment to my compliance advisor (currently £20 an hour) - if any of you have been in both situations - being a junior compared to you guys I would appreciate any feedback.

MM

what is DA and AR?

payless

More on that ... I ( together with a IFA friend or is that fiend ??) am looking at a system of an umbrella group either DA or getting a volume deal from network for mortgage brokers

payless

homersimpson wrote:

what is DA and AR?

DA .. directly authorised ( by FSA) , paying fees and reporting to the FSA

AR.. exempt from fees/reporting to the FSA as members of a network - ARs pay a fee ( £X and/ or %) to this "host network" who deal with compliance , reporting and FSA fees

payless

AndrewSmith wrote:

Agreed, but not in the context of the information posted by the public on the forums.

The FSA registration for the LTD co related purely to the information and advice given by Martin himself.

I sure Martin would ike to think he holds no ( offical) responsibility for the content of these forums .. and actually think IF he was not authorised that would be the case, although think the site might be in muddy waters here if the FSA wanted to take a different view.. as we all know website promotion is a current "compliance theme"

AndrewSmith

I personally prefer to be AR as it gives me the 'umbrella' along with proc fee payment at completion within 24 hours, T&C support, total compliance support and systems at no extra charge, PI insurance, access to a prime and sub-prime telephone based mortgage support desk, sourcing system, packaging company etc.

Doesn't alter my market access or make me any different to a DA adviser. I just like the idea of someone else dealing with all the regulatory issues and compliance.

AndrewSmith

payless wrote:

I sure Martin would ike to think he holds no ( offical) responsibility for the content of these forums .. and actually think IF he was not authorised that would be the case, although think the site might be in muddy waters here if the FSA wanted to take a different view.. as we all know website promotion is a current "compliance theme"

Good point, cheers :beer:

payless

Whereas I prefer ( albeit maybe at greater cost .. maybe not financially but in time dealing with FSA reporting, PI ) the more absolute control over my business and sales process ... neither is right or wrong.

I have worked previously ( when an IFA) under a network and as a employee of larger firm, and have issues with those "in charge" not knowing the reality of running a business... petty rules / poor distribution of monies.

MortgageMamma

payless wrote:

Whereas I prefer ( albeit maybe at greater cost .. maybe not financially but in time dealing with FSA reporting, PI ) the more absolute control over my business and sales process ... neither is right or wrong.

I have worked previously ( when an IFA) under a network and as a employee of larger firm, and have issues with those "in charge" not knowing the reality of running a business... petty rules / poor distribution of monies.

This is the situation that I am facing, although I can't go into details on here it was what has prompted me to quit working under the umbrella of companies - they expected too much in the ways of administration and I didnt see what I was getting in return for the hefty fee's/proc fee levies etc. However I have now twice worked as AR and once worked in a DA company, - DA appeals - I like the freedom - but am scared of working without continual on tap compliance support anyway this if off thread so it would be better if we could all discuss someplace else!

payless

as i said .. whats wrong with a separate thread.. why not use the facilities available.. it's still a potential money saving question, although maybe for business section