"This year our FCA fees increased by over 600% and our PI costs more than doubled; we will not be passing this on to our members."
The company, which comprises of The Right Mortgage & Protection Network and The Right DA Club, posted a turnover of £14.8m for the 16/17 tax year and a pre-tax profit of £405k, almost doubling the previous year’s figures of £8.7m turnover and £203k pre-tax profit.
The Right Mortgage has largely attributed the boost in income to the increasing membership of both the network and the DA Club and the services that are offered to these respective members.
Martin Wilson, CEO of The Right Mortgage Ltd, said: “We are absolutely delighted with this year’s figures. In two and a half years we are 60% towards our ultimate objective of having 500 members. Quality of service, a shared professional appetite to risk, and helping create income opportunities to our members is key to our growth.
“Creating a well-run, profitable business will ultimately give us the foundations to build a long term financial services network that our members and ourselves can share in and be proud of. This year our FCA fees increased by over 600% and our PI costs more than doubled; we will not be passing this on to our members.”
