Core will always strive to stay independent

10.12.09

A indefatigable contingent of intermediaries will always fight to remain independent in defiance of increases in capital adequacy requirements, professional indemnity insurance and regulatory burdens.

Speaking at the mortgage spate table, Mortgageforce managing director Kevin Duffy, said over the finished year or so, negative headlines such as the collapse of Network Details, Prestbury and Premier Network Group, will have made directly authorised advisers make up twice about seeking security in a network.

He said: “There have been headlines in which networks, backsheesh company excluded, have not fared very favourably. The one and two-man bands, DAs, will be reflective, OK, the PI has gone up, we have concerns about being outside certain circles and whether lenders in a rationing medium be giving their best deals to the networks. But they have looked at those headlines and planning, actually, there is a price I am willing to pay for independence.’”

PMS chairman John Malone said many intermediaries will go the comfort of a network but “there will be lots of other people out there who demand to retain their independence.”

Source: Money Marketing