From Stuart Wilson
I am writing in response to Lee Martin’s Star Letter in last week’s Mortgage Strategy (October 3). He has highlighted a problem faced by many brokers we speak to. I don’t know if:
- Martin has an over-zealous compliance officer reviewing his financial promotions (possible, there’s more than a few of those out there);
- The financial promotions he is putting together aren’t well written (equally possible, I’ve seen some howlers in my time) or;
- He has a jaded view of regulation.
Many brokers are in the same boat. How do you create eye-catching and compliant marketing material?
OK, there’s more work involved in putting together a compliant advert under the new rules but it’s not impossible. Many examples we see in the local press contain basic errors while others just need more careful planning to avoid unnecessary wording and risk statements.
If regulation, which was supposed to introduce clarity, simplicity and transparency to the industry, ends up driving advertising from the financial sections of local newspapers or worse still turns the adverts that do appear into miniature English essays, it’s the consumer who will end up worse off, as well as the local mortgage broker.
Whether it’s the fear of getting it wrong or the hassle of getting it right, brokers are missing opportunities to maximise the potential of their business in the local area. This is a shame not only for the industry but also for the consumer.
Fear not, Lee. Your promotions have to be compliant but they don’t have to be dull. And don’t put that bid in on the ice cream van just yet – I hear competition is fierce, trade is terrible in the winter and it’s compulsory to play off-key tunes through a loudspeaker system that will drive you insane. The bloke selling it is probably giving it up to become a mortgage broker. There’s always someone worse off than you.