View more on these topics

Radio guru underlines dangers of commission

Consumer champion Paul Lewis, presenter of Radio 4’s Money Box programme, has further clarified his position on mortgage brokers who receive commission and charge fees.

At the Building Societies Association’s annual conference on May 23 and 24, Lewis stated that sales advice given by brokers paid by commission should be viewed sceptically by clients.

Lewis told delegates: “Brokers are just an added cost and when they are paid commission you can’t trust them.”

However, Lewis defends his views.

He says: “The fact that commission affects sales does not mean that individual advisers will always be influenced more by commission than the interests of their clients. But its presence creates a conflict of interest.

“The best will ignore the commission, others will not.”

Lewis also warns against using brokers who are tied rather than whole of market.

He says: ‘Their advice will always be partial and they should be avoided.”

l See Comment, page 64

Recommended

House price slowdown in May

In May, UK house prices grew at their slowest rate this year, research from Halifax reveals. The lender found that prices rose by 0.3% in May compared with 1.1% in April. May was the third month in a row growth has slowed.

Green claims for EPCs are fatuous

I have to admit that I’ve not been particularly green in the past. Bottles, papers, tins, food waste – landfill the lot. And in the garden, bonfires, barbecues and patio heaters have always been de rigeur in our household.

OEA passes 10,000 member mark

There has been a huge increase in the number of residential estate agency offices in England and Wales covered by the Ombudsman for Estate Agents scheme.The Ombudsman for Estate Agents has seen its membership rise by more than 2,500 since the beginning of the year.It now has over 10,200 full members.Christopher Hamer, Ombudsman for Estate […]

Connells appoints mortgage recruitment manager

The Connells Group has appointed Georgina Morley as mortgage services recruitment manager.Morley has been appointed to supervise all mortgage services vacancies throughout the company. She began her career with Connells as a mortgage administrator in the company’s Stevenage office. Morely also had several area and regional management roles with various corporate companies before she joined […]

Europe: Nursery slopes

After a flat year for European equities, in which the Artemis European Growth Fund outperformed, manager Philip Wolstencroft is (cautiously) optimistic about 2016.

Newsletter

News and expert analysis straight to your inbox

Sign up