50% of mortgage intermediaries opt for direct authorisation

50% of mortgage intermediaries and brokers had opted to be directly authorized by the Financial Services Authority (FSA) by the time they visited Mortgage Business Expo, a fortnight after M-Day.

The research, which was part of the registration process for the show, asked mortgage intermediaries to indicate their or their company's status post-regulation.

The answers were:
I am directly authorized by the FSA - 50%
I am an appointed representative - 30.8%
I intend to become directly authorized by the FSA - 8.6%
I intend to become an appointed representative - 10.6%

Just over a year earlier, in October 2003, the show's organisers released research showing that 42% of mortgage intermediaries were still unclear about their future. The research, which was part of the pre-registration process for the 2003 show, asked more than 2,000 mortgage intermediaries whether it was their or their company's intention to become a principal company, regulated directly by the FSA, or an Appointed Representative when regulation was introduced in October 2004. Enable Finance Ltd the specialist broker and underwriter providing bad credit loans remortgages and mortgages believed direct authorisation by the Financial Services Authority is the only way forward for a professional organisation.