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Network League Table - Q3 2023

For more information on individual networks, click Network Directory below

The data source for the table below is the FCA register and was correct at 6th October 2023.

It illustrates the movement of Appointed Representative firms for each network over the period 1st January 2023 to 30th September 2023.

It is prioritised by total number of AR Firms, adviser numbers for this table only include mortgage advisers.

The size of a network does not mean they will be best for you. If you're looking for a network, please get in touch and let us help find the best one for YOU.

* Denotes networks with multiple networks under one brand.

** Denotes network specialising in consumer credit 

† Denotes dedicated mortgage networks.

CPD20 mortgage advisers, CPD21 equity release.

For more detail regarding the table and how they are collated, please go to the Network League Table overview

The Network League Table is produced to illustrate the movement of Appointed Representative Firms (AR’s) firms in a given time period and highlight network trends. It should not be used as an indication of which networks are “best”, this is subjective and any firm or adviser should do their own research and due diligence bore joining any new principal.

The table shows AR movement for the 2023 from January to end of September, but before looking at this data, the biggest talking point relating to networks over the last quarter, was the sale of Tenet Network or the several brands which sit under Tenet Group with the collective trading style of Tenet Network Services. It’s doubtful that you missed this, but just in case you did; Tenet Lime is being sold to Primis Network under the LSL Group, while the other two brands are being sold to 

Openwork and 2Plan. It is anticipated that the sale and transfer of AR’s is anticipated to conclude at the end of Q1 or early Q2 next year.

For the past few years Tenet has been the subject of many negative press articles regarding the implementation of a new back office system and financial losses along with the sizable reduction in the number of AR firms it supports. Given this coverage, many may well have thought a sale or worse was an inevitable conclusion. To see such a long standing and well known network exiting the market was a sad day for the industry, but I’m sure the advisers and firms affected will breathe a sigh of relief when it’s all over.

When looking at overall Appointed Representative movement this year, the table illustrates that there are contrasting net growth results. Beginning with Tenet, the trend of AR losses continued in Q3 with 33 firms relinquishing their AR status with the network.  The net loss of AR firms for the year totals 65 AR firms, which represents 18.2% of their current AR member firms. Although, in percentage terms, Envelop have lost almost double that this year, with a net loss of 34.1% of their firms. However, they are considered to be a smaller network and this actually only equates to 15 firms. 

The networks with the largest net growth this year are 2plan (28), Stonebridge (28) and HL Partnership (21). While the networks with the largest net growth in percentage terms in 2023 are Cornerstone with a 34.1%, representing 14 firms and TMG boasting an impressive 46.9% with an increase of 15 firms. TMG recently received some attention from the FCA with their use of trading styles in transitioning AR firms from other networks in their fold.

Earlier this year, there was some speculation that the implementation of the AR Regime and preparation work for Consumer Duty could impact overall AR numbers negatively. Indeed in Q1 2023, there was actually 99 more firms that left networks than joined, since then however, the numbers seem to have stabilised as the differential is now 89 for the entire year to date.  Clearly some of these firms may have exited the industry or gone Directly Authorised but I for one don’t think the latter is a trend. I actually speak to more coming from DA to AR than AR to DA, although not enough to represent a trend either. The next table will be a 2023 round up, so could make very interesting reading.

Finally, Sally Laker announced her retirement from Mortgage Intelligence after 27 years holding a steady ship since its inception in 1996. I personally would like to thank Sally for her contribution to the industry and wish her well. John Cupis is taking over in 2024, John is currently MD of Dynamo and formally MD of Mortgages & Protection at Openwork and MD of Mortgages as Sesame Bankhall Group.
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