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Analysis of the Network Tables for the Third Quarter of 2009

We have seen another interesting quarter in movements between networks with some surprise moves and others much more anticipated. The table compiled by independent network consultants Which Network opposite shows no changes at the top, however a number of Networks have applied to cancel permissions or are No Longer Authorised (NLA). News broken by Mortgage strategy on the 27th August revealed the fall of Premier Mortgage Group, being forced into liquidation after having its permissions withdrawn by the FSA. The largest movement of AR’s is from GHL who are showing as NLA.  This is due to a deal struck with Openwork causing a significant migration of AR’s to its folds and within the FSA register Openwork show a gross increase of 56 appointed AR’s  in this period. There is a new entrant to the list in the form of Julian Harris who took the majority of Modus’s AR firms on board following their application to cancel permissions. We have also seen the well publicised Joining of the Mortgage Intelligence and Mortgage Next brands under the overall control of Mortgage Intelligence Holdings. As they remain listed separately on the FSA register we will continue to show them this way for the purposes of the table.

We have made some adjustments of the base figures from the last published table; on analysing the data we discovered two contributory factors affecting the overall accuracy. Firstly the published data covering 2008 had to be called into question and subsequent investigation found some inaccuracies, secondly and of more concern was the integrity of data held on the FSA register itself. We are currently waiting for a response from the FSA regarding the entering and removal of approved AR firms on the register. The major example of this is the fact that Mortgage Broker Services Ltd are still showing as authorised with 168 AR firms, and yet many of these brokers also appear as authorised with other principals.

We would like to call upon the FSA to display all individual advisers as well as firms, currently they have this information but choose not to publish it. The FSA register is a public resource designed to enable the user to check the appropriateness of any individual adviser. At this time it is not possible to check on an individual unless they are a sole trader since anyone working as a Registered Individual of an AR Firm is not listed.  From an industry perspective, were RI’s as well as AR’s to be listed, we would be able to see the real movement of advisers and I am sure this would not only change the dynamics of the top 30 networks but would give a much more accurate picture movement and trends within the industry.

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