Make a stand: Sign our petition to save brokers
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Mortgage Strategy is fighting for the industry by launching an online petition to ensure the survival of mortgage brokers, following proposals in the Financial Service Authority’s responsible lending paper.
Last week the regulator released the latest instalment of its Mortgage Market Review.
It places responsibility for affordability in the hands of lenders, which has led to fears that the regulator is overlooking the role brokers play in the market.
Mortgage Strategy is calling on the broker community to make its voice heard and support our online petition. We aim to collect as many signatures as possible by August 31.
Once the signatures are collected we will deliver the petition to the Financial Services Authority and the Treasury.
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Readers' comments (28)
Swanny | 20 Jul 2010 9:13 am
About time something happened
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Mark Notley | 20 Jul 2010 9:18 am
Is this just a case of the FSA justifying their last 2 years in a position of power ? The mortgage broker has a big role to play in advising & arranging the mortgage as the quality of advice in lenders high street branches has seriously deteriated & shifting all the emphisis onto the lender & bypassing the broker will only result in more outsourcing by the lenders to non-uk countries seeking cheaper costs & then we all lose !!!!
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stuart white - Zone Financial | 20 Jul 2010 9:19 am
This is the evolution of our industry. As practitioners we can no longer rely on the old business models we have become so comfortable, and dare I say complacent with!
What with consumers successfully using the internet for sourcing and the lenders offering better terms direct we must add greater value to our clients.
A reliance on commission and proc fees will lead to a business model that is doomed to failure. The client's best interest is paramount in this whole process.
I welcome change in out industry as it forces us to re-evaluate our proposition to our clients which will lead to a more sustainable business model for fellow practitioners and greater value being delivered to our clients.
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Stuart Duncan | 20 Jul 2010 9:28 am
I have submitted my "Signature" but felt that something could have been put in decrying non-advised sales, which is the thing that is allowing lenders to circumvent regulation.
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Derek Brown T/as Simply Mortgages | 20 Jul 2010 9:29 am
The FSA really should get in touch with reality. Maybe more time should be spent looking at the Banks/Building Societies compliance issues and TCF, that's where most of the REAL problems lie.
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Dazed & Confused | 20 Jul 2010 9:41 am
Well, it's a nice idea guys, but I can't help feeling it is too late! I think the horse has well and truly bolted this time!
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Steve Lupton | 20 Jul 2010 9:44 am
It appears to be the intention of the FSA to control where advice will come from, their preference being the lenders as they believe this will be easier to regulate.
What they are failing to see that this is restricitive practice and will result in even less choice for the customers and the virtual end of independent advice.
So much for the Treating Customers Fairly concept!!
I'd appreciate if someone from the FSA would take the time to respond to the concerns that the industry is highlighting,however I don't suppose this will ever happen
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Maurice McGinn | 20 Jul 2010 9:45 am
Mortgage Brokers are for Life! Throughout all the difficult times we have continued to prove our worth by providing genuine, honest and completely independent advice, thus saving our clients money and providing them with peace of mind. Good brokers only come with experience and the knowledge relating to the whole of market place. The feedback that I have had from my clients is very rewarding.
History confirms that there are very few people that you can trust, when it comes to financial services, to "Treat Customers Fairly" You only have to look at the daily news to confirm this.
Good lenders rely upon the service that we provide to build up a quality mortgage book.
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Anonymous | 20 Jul 2010 9:49 am
Good move, but bear in mind that the FSA are only part way through the MMR papers - they have promised a consultation paper in Q4 on "distribution (selling standards, intermediary affordability assessments and professionalism) and disclosure."
Too early to panic.
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Victor Jannels | 20 Jul 2010 9:58 am
It is in the interests of everyone involved in the mortgage advice sector to sign and support this iniative. Silent agreement is not an option. If you do not provide support then you may be silently contributing to your own professional demise.
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