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Analysis of the Network Performance Tables for the First Quarter of 2010

It is refreshing to see that the first quarter of the year has been stable in Network land, relatively speaking at least. Although questions have been raised about some networks nothing of substance has transpired and no evidence has appeared in the public domain to indicate there will be more casualties.

At last we see an increase in Appointed Representative (AR) numbers in the industry with a net increase of 285 firms. Unlike some other commentators I do not think that advisers are leaving the industry in their droves. I still believe that many of the former sole trader AR firms opted for life as Registered Individual (RI) instead.  But Which Network are now seeing an increased number of enquiries from advisers breaking loose from someone else’s shackles as an RI and indeed some from employed positions to start their own practices, this has to be positive news.

Taking a look at the table the most notable movement is that within Financial Ltd and it is truly “within Financial Ltd” as the majority of this increase is as a result of AR firms being transferred from Investments Ltd who are part of the same group.  Other networks gaining are Julian Harris network who have taken a number of the former Mortgage Times AR’s. While Mint and Homeloan Partnership continue with their steady increase in numbers. The Networks losing AR’ firms seem to be clustered at the top of the table with 68% of firms leaving networks being attributed to the top 5 companies.

Many networks have told us that the FSA are being more stringent in the application process, in many instances requesting further information, which previously would not be required also applications are taking much longer. Delays may be compounded in the future with the FSA’s proposals to create a Controlled Function (CF) for anyone advising on mortgages –CF31. Add this to the proposed CF10  (individuals with specific compliance oversight functions within firms) and the FSA resources will be stretched further, unless of course that they adopt the last decade’s trend and outsource to a cheaper country.

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