3 DECEMBER 2007
Regulator slated brokers for failing standards
The regulator was decidedly unimpressed with many mortgage brokers in 2007, saying that more than a fifth did not meet its advice standards. However, given that mortgage regulation in 2007 could be politely described as being in its infancy, this is no slight on the professionalism of brokers. And, of course, 2017 offers a different picture altogether.
10 DECEMBER 2007
RDR ‘will not affect brokers — yet’, said regulator
A big worry for brokers at the time was that the regulator would bring in a Retail Distribution Review for the mortgage market, banning commission payments. This was not an unfounded fear as FSA director Stephen Bland had given a speech at a Mortgage Strategy event encouraging the market to learn lessons from the RDR. Fortunately for the procuration fee system, it was all a flash in the pan.
17 DECEMBER 2007
No rest for the wicked?
‘Brokers Working In Time Off’ shocker! This poll showed that more than two-thirds of mortgage intermediaries expected to work during the Christmas break that year. Mortgage Strategy hopes that 2017 will see fewer firms beavering away over the festive period, but knows that those that do will be motivated by the good old-fashioned Protestant work ethic rather than any Scrooge-like impulse.
14 JANUARY 2008
Doom mongers called out for underestimating BTL investors
L&C’s David Hollingworth, who mysteriously appears not to have aged in the interim 10 years, defied those who said buy-to-let was about to ‘implode’. Although the market deflated from 2008/12, it then grew quickly year-on-year, proving Hollingworth’s theory that B2L landlords were in it for the long term.
21 JANUARY 2008
Northern rock clinging on by fingernails
This front page shows one of the big stories of the time: the long-drawn-out demise of Northern Rock. Mortgage Strategy sent a reporter to the firm’s extraordinary general meeting in Newcastle, where shareholders grilled management about the lender’s future. The reporter said there was a tense atmosphere but “room for humour” at the event. One month later, former Labour chancellor Alastair Darling nationalised the firm.