Connect Mortgage Club (CMC), the buy-to-let network specialist for brokers, has just been granted full consumer credit permissions from the FCA, through its principle firm Connect IFA.
Liz Syms (pictured), managing director at Connect Mortgage Club, said: “We are delighted to be one of the first networks to receive this approval from the FCA. This means all our Appointed Representatives (ARs) can now trade and benefit using these full permissions, with many now being able to deal with a wider range of lenders.
“The CCL saga has left many brokers, especially within the commercial finance sector, in a state of limbo over the last few months. To the extent where brokers new to market or without an interim licence have been unable to trade. With these new permissions our specialist buy-to-let network will be able to give these very brokers a home and a platform to commence trading. Authorisation as a member of the network can happen in weeks rather than the months it can take to receive direct FCA authorisation. It can also be a more cost effective solution for many.
“We appreciate that the area of regulation is relatively complex at the moment and there are mixed messages within the industry. Lenders themselves are currently unsure what permissions they require from brokers, making joining a network with its full permissions a more attractive proposition.”