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Cherry is asking all its members, of which it currently has over 30,000, to subscribe to the new body which will publicise mortgage intermediaries and their services, helping drive consumers to use the subscribed advisers via a new online searchable database.

All those brokers who sign up to the group will be listed on the database which is set to be heavily promoted to ensure consumers know where to go when looking for an adviser.

Cherry will use the subscription fees for the upkeep of the database and the cost of continued and extensive promotion of this service.

Donna Hopton, director of cherry, said: "We are acutely aware of the current market situation and feel that, now more than ever, mortgage brokers need to group together and actively promote themselves, their services and the benefits of receiving advice.

"While we acknowledge the work of AMI in terms of its lobbying ability and its regulatory focus, Cherry members are explicitly looking for a group funded purely by brokers that will work for the benefit of their commercial interests."