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All of Prestbury's appointed representatives were transferred to PTFS in September, following a year of turmoil for the mortgage network.

Dev Malle, sales director of Personal Touch Financial Services, said: "We are trying to get as many people through the induction course at around the same time but it is not a bulk transfer. We are doing it in phases.

"The majority of representatives have completed the course now so it is about sending the paper work to the FSA for approval. Some are now writing business while some are still in the process of transferring."

Lee Birkett, chief executive of Prestbury, and Kevin Sample, sales director, have now left their roles at Prestbury Financial network and parent company Prestbury Holdings.

Both will remain as non-executive directors of Prestbury Holdings, but will also take up new roles in the PTFS Partners national sales centre, which was set up to oversee the transfer of the former Prestbury appointed representatives to PTFS.

Mr Malle said as part of the transfer the former Prestbury appointed representatives would retain access to Prestbury's packaging arm Prestbury Investment Management.

He said: "As part of the agreement we have said to Prestbury Investment Management that their members can continue to have access to them because they were providing those services and their members are used to dealing with them.

"We are also looking at as minimal disruption for them as possible."

Mr Malle said the transfer would help PTFS in its expansion plans for the coming year.

He said: "We have made no bones about the fact we are going to be aggressive in our growth plans next year. We have got a good infrastructure and a great technology platform and so we are well placed as a strong business to carry on growing. We are in a good position to capitalise in the current market."

The transfer of appointed representatives was the continuation of a difficult year for Prestbury after shareholders from the Arlington Special Situations fund and Armadillo Investments called for an extraordinary general meeting to consider the removal of Mr Birkett.

Prestbury was also forced to suspend trading on the alternative investment market twice this year after failing to release its interim results by the required date.