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FSA website seems set up to make life hard for brokers

I agree with the anonymous letter about the Financial Services Authority’s website, www. moneymadeclear. (Mortgage Strategy March 10).

I’m amazed the magazine’s Letters page hasn’t been inundated with complaints about the website.

It takes customers through 10 questions, none of which relate to their salary, current credit commitments, age or employment status, to name but a few of the basics.

Doesn’t the regulator realise each lender has lending criteria based on these questions? Hasn’t it heard about income multiples?

How many customers are going to use this website and then go to best rate lenders’ websites and submit credit searches to apply for mortgages? How far down the list are they going to get before they ruin their credit scores? No lender will accept them then.

I currently have a 19-page fact-find to complete before I get to source a mortgage for my clients – not to mention the term of business, consent and fee agreement forms.

I’m surprised more customers don’t die of boredom.

My website has so many disclaim-ers, APR statements and regulatory information that I can hardly mention the word mortgage on it.

It seems to be a case of ‘do as I say, not as I do’ from the regulator. If it can quote general deals on its website then we should be able to do the same to attract customers to our businesses. The difference is we could then tell them which deals are available and offer a proper service.

It seems to me the regulator would be happier if brokers did no business at all as it appears to be going out of its way to make our lives as difficult as possible.

Now it is actively encouraging consumers to source deals directly using a comparison table on its own website.

Lisa Stephenson
Stephenson Mortgages
By email


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