An alliance of mortgage brokers is being launched to give firms greater power in their relationship with lenders.
The Adviser Alliance’s membership will be capped at 250 with registration opening in the next few weeks.
It is the brainchild of London Money director Martin Stewart, Phil Bray of the Yardstick Agency and Phil Young, managing director of Threesixty Services.
Mr Stewart said: “Initially it is a way to bring together a fragmented and disparate broking community in to a more cohesive unit in order to work more harmoniously with the lenders and the industry as a whole.
“The initial remit will be to ensure the mortgage broker is paid the full amount of procuration fee that appears on the mortgage offer.
“We intend to do this by the brokers themselves sharing the cost of a running a mortgage club in order that they can receive 100 per cent of the procuration fee.
“From there the Adviser Alliance can evolve in to something that puts the broker at the forefront of the industry by giving them a previously unheard voice.”
It is open to any firm or individual which is a regulated mortgage adviser, regardless of their authorised status, with 150 brokers having already expressed interest.
Mr Stewart said: “Initially the concept was designed to help the directly authorised brokers who have historically never been easy to locate from a lender perspective.
“As we grew the proposition we realised there were also advisers within networks who were disillusioned with certain aspects of the industry.
“We therefore didn’t want to make this about just one sector but more about the whole sector.”
Mr Stewart said a website would be available "shortly" but in the meantime he suggested anyone interested in joining contact him on martin@london-money.co.uk.
damian.fantato@ft.com
