From Karen BarrettI read with some concern the letter from Michael Norwood (Mortgage Strategy December 5) in which he criticises IFAP’s definition of an IFA, claiming companies like his are being left out in the cold by not fitting our membership criteria. I’m pleased he recognises IFAP’s successful and cost-effective efforts to promote the benefits of independent financial advice to consumers and would therefore like to benefit from our marketing activities. But IFAP and its sponsors decided ahead of depolarisation that it would promote IFAs and IFAs alone. We and our sponsors agreed that IFAP should extend its campaign specifically to promote IFA member firms that offer independent mortgage advice as part of their services. When we launched www.impartial.co.uk in June this year to promote mortgage IFAs, we carried out consumer research which showed 78% of mortgage sales have at least one associated investment or protection sale. In other words, somebody may well go to an adviser looking only for a mortgage but they will probably find they have other product requirements. We believe that, for all of these products, consumers should receive access to whole of market advice plus the option of deciding how to pay for it – which an IFA firm can offer. We require members to confirm they have an investment qualified whole of market adviser offering a fee payment option at their branch, and hence are an IFA firm.But we also require members to declare whether they have a whole of market mortgage, protection or insurance adviser at the branch, again offering a fee payment option. This pro-consumer stance works in favour of our IFA members by improving their consumer profile and boosting the quality and quantity of leads we generate for them.
Most brokers are disillusioned with mortgage regulation and many are cautious about using some of the newer lenders, says Henry Samuels Marketing Services. These findings come from the Mortgage Intermediaries – One Year After Regulation report, based on research conducted among intermediaries about their experiences since Mortgage Day. The report found that most intermediaries are […]
From Paul Howard I was concerned to read the complaint levelled at The Mortgage Works by John Nicholls of Brentwood Mortgage and Finance (Mortgage Strategy, November 14). So I called for the file on this application – the first case he had ever sent to us. I was astonished to find that Nicholls had completed […]
Figures released by the Office of the Deputy Prime Minister show that house prices rose 2.2% in October from the previous year, compared to 3.3% inSeptember. The pace of house price inflation has as a result hit a nine-year low on the government’s official house price measure.House price inflation has been hovering in the range […]
The Mortgage and Loan Group has confirmed to Mortgage Strategy that it has filed an application to the High Court requesting information from Rooftop Mortgages. Last week, MS reported that The Mortgage Distribution Cooperative, which like MLG is owned by venture capital group Venturion Capital, hadissued a writ against Bear Stearns, owners of Rooftop, for […]
According to our recent report on the death of retirement, changes in workplace pension provision mean that coming generations of retirees could have a radically different experience of retirement from their parents. The average contribution rate into an old-style final salary pension was around 20% of total wages, the statutory minimum for a new automatic […]
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