PTFS axes Paaleads from its lead generation panel
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Personal Touch Financial Services has axed the Moneysupermarket.com owned Paaleads from its lead generation panel in the wake of its parent group’s negative comments about consumers using brokers to access the best mortgage deals.
At the weekend Moneysupermarket.com issued a press release stating that research showed 90% of the best mortgage deals were now only available direct.
It went on to warn consumers that anyone using a mortgage broker “needs to be aware that the range of products available may be limited”.
In a press release yesterday the company looked to retract the original figures but emphasised that brokers were “vitally important” to it and that the original press release was, “not intended to cause offence to brokers”.
The company says it was merely meant to emphasise that some consumers who are used to going to a broker will not be aware of how the market has changed.
But Dev Malle, sales and marketing director at PTFS, says the damage has already been done.
He says: “Even when Moneysupermarket had retracted its ill thought out comments, it was too little too late.
“It is not the first time it has misjudged the broker community and I am somewhat shocked.
“The sales team from Paaleads is out there trying to mend things when it decides to send out a press release which it then retracts as it is factually incorrect. Paaleads, which is part of Moneysupermarket.com, generates income from selling leads to the intermediary and it appears that a significant proportion of customers who approach its website, ask for advice, which turns into a broker lead.
“Clearly it has its own agenda and we need to trust and work in partnership with organisations to provide support and service to our community of advisers, we cannot do this where our customers value is being wrongly challenged.
“We have therefore taken the difficult decision to serve notice on the corporate relationship we have with Paaleads and remove them from our lead generation panel.
Dean Jones, head of Paaleads, says: “The comments that were made were about direct deals, we are committed to the broker market. We are contacting all of our broker clients to reassure them of our commitment.”
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Readers' comments (29)
Danny Lovey | 3 Aug 2010 8:41 am
Well done Dev!
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Ketan Yadav - Avenue & Co Private Finance | 3 Aug 2010 8:45 am
Us brokers are a big force, we do a good job for many buyers and in the current climate, broker advice is paramount to helf client's make the right decisions.
Well done PTFS - hopefully more will follow. As of yesterday, we too are cutting ties with Moneysupermarket.
Lets all get together, and show what we can achieve when times are difficult to say the least.
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Patrick Boyle | 3 Aug 2010 8:48 am
Well done PTFS, i hope other networks axe PAA Leads panel.
It’s about time networks stood up so called service providers, i hope Abbey / Santander have a similar wakeup call after their recent reduction of fees for direct cases.
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Lara Mackie | 3 Aug 2010 8:58 am
Well done to PTFS. Now the rest of the brokers market needs to do the exact same.
STOP BUYING LEADS FROM THESE PEOPLE.
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Jon | 3 Aug 2010 9:02 am
Well done to PTFS.
Of course, some of us axed PAA years ago anyway....
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Kevin Fowler | 3 Aug 2010 9:03 am
10 out of 10 to PTFS but now tell us how you manage your relationships with the dual pricing lenders and Santander who continue to rip customers away with their retention policy. Its a good start but as a community we need to work on some of the bigger threats than those of moneysupermarket.
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Jonathan Miller | 3 Aug 2010 9:06 am
Good Move!
I would hope to see PAA reduce their lead fees in penance for the press release.
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Anonymous | 3 Aug 2010 9:07 am
lots of clients that go for direct deals are declined because they do not met the lenders criteria.The more brokers that vote with their feet the sooner the likes of money supermarket will get the message,they need us more than we need them.
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Anonymous | 3 Aug 2010 9:10 am
I agree i think paa leads are feathering their own nest trying to make them selves look good. I will not be using them again
I offer both direct and brokers deals.
I think this is blow below the belt from money supermarket .I hope brokers look at this who have supported money supermarket previously.Broker do a great job helping clients through the maze that are mortgages. Helping the client through this and give good value
Nick
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Anonymous | 3 Aug 2010 9:13 am
Fantastic, good for Dev malle. Moneysupermarket can get stuffed for leads from me too
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