HBOS reaffirms commitment to broker sector

HBOS has reaffirmed its commitment to the intermediary market and says broker distribution remains integral to its future.

At HBOS’ key intermediary dinner last week Andy Hornby, chiefexecutive of HBOS, gave guests an overview of the mortgage market and says its performance in 2006 has exceeded expectations. He says the long-term potential of the housing market is attractive and the economy will continue to be robust in the coming year.

HBOS has pledged to invest £10m in the intermediary market over the next 18 to 20 months. But its retention strategy has come under fire from competitors as an attempt to destroy the remortgage market and put a quarter of brokers out of work. Hornby says HBOS will explore the possibilities of retention and plans to continue to deliver in this area without undermining its commitment to brokers. He also champions the advent of technology such as automated valuation models but says HBOS will not let technology get in the way of building relationships with distributors and customers.