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On the beat

However for me the entertainment value is fading and I am now getting pretty fed up with the hostilities.

The nature and conduct of the debate it getting us nowhere. It is not constructive on any level. In fact to conduct the debate in public at this critical time is counterproductive. Now is the time to call a halt to hostilities and do what everyone should have been all along – work together to achieve the shared goal of a smooth transition to a regime of statutory regulation.

The stakes are pretty high. There are billions of pounds of mortgages to write and intermediaries and lenders need sourcing systems to fill those customer needs. The lender and sourcing system relationship is symbiotic.

The mortgage industry is really at its worst when hostilities break out to this extent. The result never brings any credit to the industry as a whole.

Technology increasingly drives the market and sourcing systems supply an efficient way of collating data factoring in many consumer variables and supplying the customer with a number of options.

When all is said and done it&#39s the customer that is the essential link in this chain.

The success of our industry has been underpinned by a comprehensive and flexible product structure. This structure may be complex but that is the natural result of a competitive market doing what is does best, competing. God forbid anything happens to threaten that choice and flexibility. Sourcing systems deliver a professional and effective product for not a huge investment. If anything, a powerful argument could be put forward to say that the complexity and depth of choice currently on offer would not be possible without the developments in technology to deliver it i.e. the sourcing systems.

What I don&#39t know is if those conducting their debate in the open have hidden agendas or any particular axes to grind. However for the industry as a whole the downside is huge.

How much time would it take intermediaries to source products that were held outside sourcing systems? The additional time would cost us all in lost revenue. In short we all have a stake in this debate.

Somebody must take a firm and decisive leadership role and broker a peaceful solution.

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