Sally Laker, managing director of MI, which will only be sharing its exclusives with Pink and Mortgage Next after regulation, said she was shocked to find that ARs - predominantly from Sesame - were phoning its broker desk with the impression they could still use MI’s panel and products post-31 October.
“I was quite surprised. It is up to Sesame and all Principals to make clear to its ARs that our deals will not be open to them after regulation,” Laker said.
“It is very worrying these brokers will not find out the reality until after ‘Mortgage Day’. This is why it is essential brokers know what they are signing up to.”
Tony Jones, director of Pink, commented: “We have picked up from Sesame members that they believe they can still access our deals after regulation. The evidence is that they have not been made aware about the changes post-regulation.”
Nik Wilson, financial director of Anglia Financial, an appointed representative (AR) of Sesame, said he was not told until three weeks ago by a rep from MI that he would no longer have access to MI, Pink or Mortgage Next’s products after regulation comes into effect.
“We joined Sesame in May and was specifically told that we could continue to use these other networks’ deals after 31 October. This was one of the main reasons we joined. We now can’t leave Sesame as it would just be too difficult and expensive,” he said.
Andy Young, product manager for mortgages at Sesame, said: “If MI, or any other network or club, is not allowing ARs from other firm to use its products, then that is its decision. It is not up to us to tell our ARs who they cannot use.”
