60 Seconds with.....Danny Lovey
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You recently challenged the director general of the CML to a showdown over his recent comments about brokers. What was his response?
There has been a deathly silence. Personally, I think it’s because Michael Coogan doesn’t want to debate the subject, although he may say he does not wish to lower himself.
Do you agree with AMI chairman John Gummer’s call for ratings agencies to be reprimanded?
I agree with Gummer but what will it achieve? We know the agencies messed up and they know it too, so while we should reprimand them there’s a problem - how do we take retribution?
I’d have thought that the knowledge they got it wrong and the impact on their reputation should mean they don’t get it as badly wrong again.
Will regulation of the sale-and-rent-back sector have the desired effect?
Hopefully. The sector needs regulation because there are a lot of bad practices. There’s an issue over security of tenure and I’m not sure how we can square the circle on that at the moment, apart from by ensuring transparency.
There’s an argument that runs - if a person can’t pay a mortgage how can they pay rent? But with renting there’s always Housing Benefit to fall back on. That safety net is not there with a mortgage.
Have you been tempted to deal with one of the many claims management companies that have sprung up?
No, being an ambulance chaser is not what I’m about.
How has life as a sole trader been recently?
Extremely difficult, and I can’t see it getting any easier.
Have you been tempted to join a network?
I gave the matter some serious consideration earlier this year but eventually took the decision that I’m too independently-minded. I prefer paddling my own canoe, come hell or high water.
What’s the biggest issue facing you?
There are many problems and despite our economic plight the Financial Services Authority has failed to fully endorse the role of advice. If it truly believed in the advice process it would do more than just talk about it. I find its attitude on this extremely frustrating.
