More than 50 property managing agents have signed up to a network set up by Stuart Alexander.

The property managing agents network was set up in April.

Stuart Alexander business development manager Andy Poole said the members were a combination of existing Stuart Alexander clients and some new clients, referred to the network by other brokers who could not offer their clients a solution to FSA regulation.

Many managing agents, both residential and commercial, place insurance, collect premiums and assist with claims as part of their service to property owners, and as such, fall under the FSA's regulations as secondary intermediaries.

Poole added that Stuart Alexander recently received its 'minded to authorise' letter from the FSA, which also covered the network.