Intermediary leaves FSA for Personal Touch

To do this, OFM has relinquished its previous directly authorised status. OFM Group completed £500 million of mortgage business last year and over the past seven years has arranged in excess of 10,000 residential mortgages, making it one of PTFS’ largest members.

Following M-Day, 31 October 2004, the company opted to be directly authorised by the FSA. Rob Jupp says: “At the time this seemed the best course but six months on it is was apparent that the additional work involved in being directly regulated by the FSA would hinder business growth. The OFM Board was impressed by the PTFS proposition which includes market leading commission terms, full compliance support and PI insurance, not to mention their commitment to IT. The new PTFS Dashboard business management system should considerably enhance our own business efficiency. We were also very impressed with the openness of chairman Martin Wilson and md Mike Allison.”

Mike Allison, PTFS managing director, said: “We have invested heavily in our IT systems to enable thriving sales organisations like OFM to develop further sales by streamlining their administration and enhancing their efficiency. PTFS and OFM are now working on a joint packaging relationship to enhance the already high servicing standards available to our 1,200 plus ARs and members of the PTFS Mortgage Club. From the 1 September PTFS members will be offered enhanced remuneration as a result of this key strategic alliance.”