Commercial tie-up may mean clients don’t get best advice

I have a question about the recent link-up between InterBay Commercial and Trigold to provide a sourcing module for brokers.

I would like to know how, in the words of Colin Bell, InterBay’s operations director, “intermediaries with little or no experience in terms of self-cert mortgages” are going to be able to offer their clients any degree of best advice in the commercial market if they rely exclusively on this service.

Surely, if an intermediary has little or no experience, they have a duty of care to their client to get assistance from someone who has the experience and qualifications to ensure that the best terms are being obtained.

Commercial mortgages are not regulated but brokers should not use this as a reason for not ensuring their customers are treated fairly, and that in-cludes proper research across the market, with recommendations being based on that research.

Professional indemnity insurance may not cover commercial mortgage work, and even if it does there will be no cover for negligence.

I hope that brokers using the Tri-gold service will also undertake wider enquiries as InterBay may not always be the best option for their clients.

If brokers feel unable to do this, they should seek the help of specialists with an understanding of and access to the whole commercial market.

Ian Monks
Operations manager
Commercial Mortgage Solutions
By email