View more on these topics

Brokers could exit Park Row


Kevin Paterson’s imminent departure from Park Row Ass-ociates could trigger an exodus of mortgage brokers from the firm, inside sources claim.

And they attribute Paterson’s exit to the firm’s diminishing appetite for mortgage business.

Paterson quit his position as national sales director at Park Row earlier this month to join Enterprise Group as group marketing director. He starts in his new role next month.

One broker at Park Row told Mortgage Strategy that he and some of his colleagues will also look to move on once Paterson leaves.

He says: “There’s dwindling support for brokers at Park Row. Paterson always fought our corner, but with him gone this will no longer be the case. Park Row is moving towards corporate and private clients, not mortgages.”

Another senior source at the firm says: “Park Row has drifted away from mortgages. Its emphasis has changed and independent investment financial advisers are replacing brokers.”

But Carey Shakespeare, commercial director at Park Row and Paterson’s replacement, denies the firm is rejecting the mortgage side of business.

He says: “Mortgage brokers are im-portant to our business and always will be. There’s no planned change in em-phasis and Paterson’s departure does not affect this. We want to make our mortgage proposition as attractive as possible for brokers.”

Paterson says he moved to Enterprise because he wanted to get back into mortgages full time.

He says: “Park Row is committed to quality independent financial advice across the board, especially in its corporate and private client divisions.”

Recommended

Chelsea to launch green deal soon

Chelsea has revealed that it will shortly launch a green mortgage. The society is working on a green product but has yet to finalise how this will be underwritten. It is also talking to charity Energy Savings Trust about the possibility of giving clients free energy assessments.

GHL and Salt offer refund

GHL Group has teamed up with Salt to celebrate the lender’s six-month presence on its panel by offering all its remortgage applicants a £250 refund on application fees plus free legal fees and surveys until August 3.

Sound borrowers are being penalised

There’s an injustice in the world of secured loans – successful borrowers who tell the truth and whose loan applications go through end up paying for all those who lie, cancel at the last moment or default on payments.

Double-edged debate about fees

The debate about broker commission could put some consumers off using brokers but it also helps us to keep the fair treatment of customers at the forefront of our minds, says Sally Laker

Certification guide

Guide: how to… certify your pension scheme

Certification is highly complex and surrounded by a minefield of information and auto-enrolment jargon, which can make it very difficult to understand. However, for many employers it is a necessary process that must be executed successfully.

Newsletter

News and expert analysis straight to your inbox

Sign up