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MS should name the networks that are withholding fees

Mortgage Strategy was uncharacteristically coy in its leader (Clean up your act networks) and lead news story (Lender warns networks to pay brokers on time) by not naming the networks accused of holding onto brokers’ fees (Mortgage Strategy January 12).

I’m not suggesting the stories are untrue because I hear the same concerns raised by brokers on a regular basis. It is clear that the problem of late payment of fees needs to be sorted out as quickly as possible.

But the problem with not naming the culprits is that all networks get tarred with the same brush and are perceived to either be in financial difficulty or profiteering at members’ expense.

The reality is that a small number of networks are creating these problems.

The majority of IFA and mortgage networks work hard to deliver a high quality and reliable service for their members and are committed to the market for the long term.

As the economy falters, networks provide small and medium-sized brokers with essential support that allows them to make headway in an increasingly tough market.

This is a time when network membership should have increasing appeal for brokers but unfortunately, as is often the case, a rogue few are creating problems for the many.

Mortgage Strategy is right to highlight this important issue and admonish offending networks. But you should go a step further and reveal who the culprits are so their actions do not bring the entire network sector into disrepute.

Gemma Harle

MD

Mortgage Next

By email

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