View more on these topics

Let&#39s take this opportunity to change our image

From Stephen Yates

My, my! What are we doing? The mortgage industry appears to have gone into self-destruct mode.

We have the Financial Services Authority drafting consultation forests and plotting the demise of the small broker. This much we have come to expect. But now we learn of three advisers being suspended over &#39self-create my income&#39 mortgages and the accusation being spread that this is a widespread practise in the industry.

I understood that the Association of Mortgage Intermediaries was instrumental in securing an FSA U-turn on self-cert mortgages for the employed. Then, a matter of weeks later, the industry pushes a big self-destruct button which will most probably see the death of self-cert as we know it.

On the one hand we have the government putting the industry under severe pressure to create more competitive products (long-term fixed rate mortgages etc) and the FSA stifling competitive products with regulation we say uses a sledgehammer to crack a nut. On the other hand, we prove the FSA&#39s original opinion correct.

How can we survive with scandals like these? Here&#39s an idea. Cutting through the maze of problems, consultations and inadequacies, why don&#39t we turn statutory regulation on it&#39s head?

Let&#39s transform the move from the MCCB/GISC to the FSA into a brilliant opportunity to show the average man on the street that we are not commission-hungry salesmen concerned only with lining our pockets, but are instead professionals. Whether salesmen or women, advisers, consultants, ARs, DRs, IMAs, IFAs or just humble brokers, we put the needs of our clients first by providing proper, sound and bespoke advice.

Dissociating ourselves from single premium ASU and &#39self-create my income&#39 mortgages, let&#39s get our act together before we are all put out of business. Now, if I just add an extra zero my client will be able to… Stephen Yates

Independent consultant

By email

Recommended

Blevins Franks Mortgage Services launches equity release guide

Blevins Franks Mortgage Services has launched a guide to equity release schemes The guide has been designed to inform people aged 60 considering an equity release scheme about the different options available to them and to highlight both the benefits and pitfalls. Under-funded pensions and depressed annuity rates mean many retired people need to supplement […]

Ian Menzies-Gow takes the chair

Neil Hannah is stepping down as chairman of the Derbyshire and will be replaced by current deputy-chairman Ian Menzies-Gow. Hannah retired last month having joined the Derbyshire&#39s board of directors in 1992. He became deputy-chairman in 1998 and chairman the following year. A fellow of the Royal Institution of Chartered Surveyors, he has practised for […]

Offset deals to double by 2008

Current account mortgages and offset deals look set to boom with independent reports suggesting the market will double by the year 2008. Research by independent market analyst Datamonitor suggests the CAM and offset markets currently account for £22bn of gross advances in the UK mortgage market. It adds that the products will become even more […]

We&#39ll comply, say brokers

Four in 10 intermediaries say they will be responsible for their own compliance in 2004. Cardiff-based network networkone&#39s &#39State of Trade&#39 survey of 900 intermediaries also suggests almost three in 10 intermediaries will have an inhouse compliance officer by October 31 next year. Two in 10 say they will rely on a third-party consultant while […]

'Feeling the Squeeze'

Royal London carried out a UK wide survey with 2,500 consumers age 35-44 over the summer. The survey found that over a third, 34 per cent, said their finances felt Squeezed and so were struggling to meet day-to-day expenses, despite 87 per cent being aware that they need to save more. However, the survey did […]

Newsletter

News and expert analysis straight to your inbox

Sign up