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Lenders’ exclusives raise spectre of mis-selling

From Keith Butler

Can I add one point to the excellent cover feature ‘Special Benefits’ by Harvey Jones in last week’s Mortgage Strategy (December 12). The feature detailed the pros and cons of lenders offering brokers exclusive products.

But one point that wasn’t covered was the fact that if lenders offer exclusives to brokers, they have to make it clear to their direct customers that not all of their products are being made available.

This is why some lenders are wary of going down this route.

For example, if a customer were to go to a lender’s branch office and be recommended a specific product, and subsequently found the lender had a more suitable product on the market that wasn’t recommended to them as it was only available through a broker, the customer would appear to have a strong argument for having been mis-sold. Hence, full disclosure must be a requirement for lenders.


Calling time on clocks to fool the queue

I’m taken with time and timing this week. Portman has called time on its buy-to-let mortgage, suggesting that this market is running out of time. And NatWest, for which I have some small regard, has banned time from its branches, on the basis that it’s high time its customers stopped complaining about it.

Brown’s SIPPs U-turn not disastrous

The abolition of residential mortgages in self-invested personal pensions will not have a negative effect on 74% of Mortgage Strategy Online readers’ businesses. Just 26% say chancellor Gordon Brown’s U-turn will have a negative effect on their business.

SWIP welcomes REITs

Scottish Widows Investment Partnership has commented on the governments forthcoming draft legislation on Real Estate Investment Trusts. It believes REITs will provide a stable savings product that is accessible to private investors for savings and pension investment, especially if introduced as ISA, PEP and CTF eligible.The draft legislation will present the UK with a window […]

Purely Appointment

Purely Mortgages has appointed Alastair Waldron as head of business development. He has been brought in to further develop the business’ third party and affinity marketing opportunities. Waldron, an experienced marketer in financial services, is best known for his work in the lifetime mortgages sector, most recently helping Prudential launch into this area.


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