60 seconds with...Stephen Smith
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Stephen Smith, Director of housing, Legal & General
How did you increase your market share to 15% in 2010?
We have a strong proposition which people want to join. It is based on excellent relationships with lenders and being able to obtain access to exclusive products. Also, our ability to show lenders and brokers where we add value in mortgage club relationships has made us the partner of choice for more and more intermediary firms.
Why do you think the overall number of appointed representatives declined last year?
The market has not been kind to any type of intermediary, but some business models have found it particularly difficult to make an adequate return while investing in the compliance and technology infrastructure that you need if you want to work with ARs.
After recent criticism from the financial services authority do you think the network model works?
It can work - we make it work. But it is not easy and it can’t be done on the cheap. You need to show you are delivering value to network members to make them want to stay, or get new ones to join. Part of that value is the financial stability that a network represents.
If you were in charge of the FSA for a day what would you do?
Sell all the artwork in the offices at Canary Wharf and use the money to reduce the annual levy for broker firms.
What has been the proudest moment of your career?
Starting up L&G network’s relationship with Shelter and being able to leverage our corporate responsibility budget in support of this.
What three items would you take to a desert island and why?
My iPhone 4 - a thing of beauty, even if there is no internet connection, my guitar and a large jar of Marmite.
Do you have any secret talents?
I have never lost at Monopoly.
What would you do if you were invisible for the day?
I’d go into the BBC and add some helpful commentary to politicians’ interviews on The Today Programme.
Who would you most like to play you in the movie of your life and why?
Peter Kay - although he is from the wrong side of the Pennines.
What book are you currently reading?
Trespass by Rose Tremain
Interview by Samuel Dale
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