100 brokers leaving the market each month

100 brokers leaving the market each month



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Recent figures from the FSA have revealed that 300 directly authorised mortgage brokers left the industry in the first quarter of 2009. 

The number of directly authorised firms that handled mortgages as their main business stood at 6,422 in March, down from 6,725 in December last year.

 

119 appointed representative mortgage brokers shut up shop in the first quarter, bringing the number of ARs down to 4,699 from 4,818. The number of directly authorised IFAs also dropped by 74 – decreasing from 5,575 to 5,501.

 

The Association of Mortgage Intermediaries (AMI) has previously stated that the number of mortgage brokers could halve to 15,000 by the end of this year.

 

Director general of the AMI, Chris Cummings, said: “If current trends continue in the market, an unfortunate by-product would be a reduction in the number of mortgage intermediaries from a peak of 30,000 at the end of 2007 to a low of around 15,000 by the end of 2009.”

 

However, the AMI has offered some hope to brokers, with Mr Cummings saying that the AMI remains “determined to do all we can to keep as many members in business as possible.”

 

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