76 brokers apply for authorisation in 2009

Readers' comments (17)

• Lax | 2 Feb 2010 2:55 pm

  I would be interesting to know how many of those brokers were new to the industry. My guess is lot of them will have been with networks who have gone either administration or are struggling. I know so many brokers are fed up with networks due to the way networks operate.

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• John O'Hearne | 2 Feb 2010 3:01 pm

  As one of the 76 I would agree with the comments about Networks. It seems that some Networks work to their own rules and are accountable to no one. The FSA are powerless to act in disputes invloving commissons even if a client has entered into an agreement with thier advising believing that adviser is to be paid fairly for the work they have done so much for TCF!

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• Anonymous | 2 Feb 2010 3:02 pm

  Astonished that it is as many as that!
  
  Most of us are looking for an escape route!

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• Chris birchall | 2 Feb 2010 3:06 pm

  For 18 months I have read about declining numbers of Financial & mortgage advisers in the UK, but does anybody actually care what has happened to these people. The government has pumped money into car manufacturers, created the scrapage scheme and saved jobs as a result, but the money pumped into Lenders has been gobbled up by them, they have not used that money to maintain availability of products for the public to purchase houses or refinance, hense a flagging building industry and more threat of repossessions as refinance solutions are not available. But with limited financial solutions means a downturn in business and advisers going out of business. Where is the rescue package for the advisers to weather the storm. we are the forgotten people that no one cares about. Lenders have treated advisers with no regard what so ever but I blame the government and FSA for letting them get away with it. Big businesses can cut back and grow when the demand comes back, small one man band business can not, but it is the public who will miss out in the end as help in the future is going to come from a small choice of providers.

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• Gordon McNeill - IN Partnership | 2 Feb 2010 3:10 pm

  LAX - Please do not tar all networks with the same brush. I'm sure you would object to being called a cowboy!! a term much of the industry has used in respect of mortgage brokers in the recent past.
  
  Doing proper due dilegence on the network you are considering joining is more important that jumping at the cheapest option. The proof of this is in the pudding.
  
  Those networks who continue to cut their margins in order to be attractive will continue to fail. Get into the right network and you will have nothing to complain about.

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• Paul Day | 2 Feb 2010 3:24 pm

  Q1 of any year will always see the highest number of applications to become DA - Just by the very nature that the FSA charges for a full year running from April to April. Although the numbers are lower than anyone would like to see I suspect strongly that many who have been considering DA wait until they get the best value for their money i.e. a full year which is what they pay for, and there will be an increased number for Q1 this year. It has been tough trading but we must have bottomed out now, better times are around the corner, or is that just blind optomism?

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• Anonymous | 2 Feb 2010 3:27 pm

  Obviously no one cares about financial advisors whether in a job or not. The FSA seem to want to see us all out of jobs as they do absolutely nothing to help or support us during these tough times.
  
  All the FSA want to do is pick holes in small firms and prosicute them to show their strength (which I would call bullying). Admittedly there are still bad apples in this industry and I would like to see them dealt with and removed, but some of what they are doing at the moment to good & Honest advisors is appauling. They need to concentrate on the real offenders, the lenders who get away with treating customers and advisor awfully day after day without a care in the word because it is too big a job for the FSA to deal with and they just cannot be bothered.
  
  I cant wait to leave this industry. As soon as I get the right opportunity I am gone! However, I will still have to look over my shoulder for the rest of my life due to the 15 year long stop rules not applying. What a great industry to be in, not!

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• Sid | 2 Feb 2010 3:55 pm

  FSA got to wake up and face the reality. I say abolish the network & Regulate the Commercial Finance. We may just get rid of these incompetent so call advisers.

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• Anonymous | 2 Feb 2010 3:57 pm

  No great surprise here. Given the current availability of products it is very hard to survive as a mortgage broker. The smarter ones are looking to move into broader financial advice and the others who were just in the industry while there were good times and selling was easy are looking to leave to find an easier life elsewhere. Will they be missed? I don't think so.

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• Anonymous | 2 Feb 2010 4:01 pm

  I must say i am a rleative newcomer to the Mortgage Advisory role being self employed via the largest network. I must say I am making a comfortable living right now but working hard to acheive a new client base but guess what I have no regrets so whilst the old and bold complain about the current situation I think the bottomline is they have perhaps forgotten what hard work is and in how to go and get new business. Personally I donlt play golf on a friday afternoon I work 6 days a week 12 hours a day.. So be it I wanted it, and I can think of harder ways to make a living either on the front line of Afghanistan or running up and down a builders ladder... Pull your socks up people and get a grip!

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