Object or lose whole of market advice role, brokers told

Published on

A mortgage broker wants all brokers to register their concerns about the potential for displacement of the role of advice in the mortgage market, which made up part of the recent Mortgages Market Study from the Financial Conduct Authority (FCA).

Clayton Shipton (pictured), managing director of CLS Money, believes there is a danger that the concept of advice recommendations, based on scoping a lending panel representative of the whole market, could end up being diluted.

He said: “The direction of travel over the past 10 years, as far as regulation is concerned, has been to fully support the concept of whole of market advice provided by qualified mortgage brokers. The inference to be drawn from the relevant parts of the review casts doubt over the regulator’s wholehearted support for the process in the future.

“Yes, the mortgage market is evolving and it is important that ways and means of working are challenged, particularly as technology is making such an impact on how consumers interact with services. However, it would be a retrograde step to go back to a situation where customers are simply ‘sold’ a product, without recourse to a proper market review.

“It is up to all of us in the adviser community to make our objections known or we give up the right to complain if the regulator then decides, due to broker apathy, to water down the role of independent ‘whole of market’ advice.”

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Together hires strategy chief to support growth plans

Together has appointed Russell Anderson as chief strategy officer as the specialist lender looks...

Zephyr Homeloans launches special edition BTL range with no valuation fees

Zephyr Homeloans has launched a special edition five-year fixed rate buy-to-let range with no...

First-time buyers face pressure as high LTV mortgage choice falls

First-time buyers remain under pressure from reduced mortgage choice and stretched affordability, despite signs...

The Right Mortgage reports Q1 growth across lending and protection

The Right Mortgage & Protection Network has reported year-on-year growth across mortgage lending, protection,...

OMS adds Twenty7tec monitoring tool to broker platform

One Mortgage System (OMS) has integrated Twenty7tec’s ADAPT product monitoring tool into its CRM...

Latest publication

Other news

Together hires strategy chief to support growth plans

Together has appointed Russell Anderson as chief strategy officer as the specialist lender looks...

Zephyr Homeloans launches special edition BTL range with no valuation fees

Zephyr Homeloans has launched a special edition five-year fixed rate buy-to-let range with no...

First-time buyers face pressure as high LTV mortgage choice falls

First-time buyers remain under pressure from reduced mortgage choice and stretched affordability, despite signs...