Claims management firm to launch service via mortgage brokers
Share
Missoldmortgageclaims.co.uk is looking to offer brokers a referral fee for introducing borrowers who have possibly been mis-sold a mortgage.
Kevin Friend, former strategic director at Mortgages.co.uk, heads the project and has been piloting a broker referral service through several brokerages for a number of months, it now hopes to roll it out to the wide broker market.
Missoldmortgageclaims.co.uk is a trading style of Gladstone Brookes, which is regulated by the Ministry of Justice.
The website has been established for nine months and Friend is keen to stress the company is not an ambulance chaser and does not charge any upfront fees.
He says: “A large number of brokers are unable to place mortgage business because of the actions of brokers who mis-sold their clients mortgages in the past.
“It is clear from the news about irresponsible lending fines that many consumers have been mis-sold mortgages by both lenders and brokers, many of which have now left the sector.”
He says his firm offers the chance for good brokers to offer a service to borrowers.
From its pilot it found one in four customers were previously mis-sold a mortgage and owed compensation.
He says: “Brokers can now offer a service to identify the reason for breaches of regulation and refer them to a specialist who will mediate on their behalf.”
He says those who should be worried are those that have mis-sold or given poor advice and not complied with MCOB.
Friend says his experience of the mortgage market gives him an insider’s view of the problems it is facing.
He adds: “I am very supportive of the broker sector and constantly defend it. I understand the plight of brokers and am looking to financially reward them and put them in a position to help their clients.”
Friend is also known for setting up The Mortgage Operation with Frank Butler and Mortgage PLC’s Trevor Pothecary in 1993.
Then in 1999 he helped set up emfinance.com as the UK’s first online brokerage.
If you enjoyed this article, sign up here to receive daily email updates from Mortgage Strategy and Follow @mortgagestrat
View results 10 per page | 20 per page
Readers' comments (19)
John cena | 9 Mar 2011 4:23 pm
"The website has been established for nine months and Friend is keen to stress the company is not an ambulance chaser."
If it walks like a duck, quacks like a duck...
Unsuitable or offensive? Report this comment
Mike Brown | 9 Mar 2011 4:24 pm
TALK ABOUT BITING THE HAND THAT FEEDS YOU! They forget to mention the referral fee payable them!!! Absolute jokers
Unsuitable or offensive? Report this comment
Anonymous | 9 Mar 2011 4:26 pm
OMG..... Just checked the date we arent April the first are we
Unsuitable or offensive? Report this comment
William Reid | 9 Mar 2011 4:29 pm
"mis-sold mortgages by both lenders and brokers".......blame, blame, blame! And clients were blameless in what went on? Please don't come knocking at my door!
Unsuitable or offensive? Report this comment
Anonymous | 9 Mar 2011 4:31 pm
I would urge all brokers and networks not to use the services of this or any other similar company
the people that run these sort of companies have all sold self cert and sub prime mortgages and are now just looking to make money out of brokers misery
Have nothing to do with them
Unsuitable or offensive? Report this comment
Anonymous | 9 Mar 2011 4:32 pm
Nobody should be financially incentivised to do this. A customer can complain free of charge and should be able to articulate for themselves what their complaint is rather than have third parties putting words in their mouth.
Unsuitable or offensive? Report this comment
Anonymous | 9 Mar 2011 4:34 pm
Kevin Friend.. What will this achieve? Apart from the fact that your seeking to make lots of money from it.
Whether you like them or not, the role of governance is the FSA, not yours!!!
Unsuitable or offensive? Report this comment
Anonymous | 9 Mar 2011 4:46 pm
The phrase "poacher turned gamekeeper sounds familiar"
Unsuitable or offensive? Report this comment
Mary Lockyer | 9 Mar 2011 4:52 pm
There are many people out there who no longer qualify for the mortgages they have got, because the Lenders have moved the goalposts criteria, and on income multiples and the amount of overtime and bonuses they will take, instead of taking 100% most limit it to 50%, one example of those affected hit being the airline cabin crew,there is not an issue of affordability, there is a difference between this and "self certi fiction" or interest only, because thats all they can really afford it jobs with no payment vehicle
Unsuitable or offensive? Report this comment
One Kevin to Another | 9 Mar 2011 4:52 pm
If your claiming against advisers who are not in the business anymore, they all you are going is placing a bigger burden on the FSCS and in turn will increase everyones fees. Muddying waters at a time when those who are left in the industry need support to gain public support in financial services.
No Friend of mine.
Unsuitable or offensive? Report this comment