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Lenders are playing with fire by not supporting brokers

Having been in the financial services industry for nigh on 20 years I’ve seen plenty of changes, panics and crashes. Things eventually stabilise and life goes on.

But at the moment, lenders are playing a dangerous game which will come back to haunt them. Instead of supporting brokers in tough times, they are doing the opposite.

Brokers are seeing competition on two fronts. From one direction, lenders are offering direct deals that undercut those available via brokers.

At the same time, many are app-roaching existing broker-introduced clients and offering them incentivised deals to stay with them but not paying proc fees to the brokers who introduced the clients in the first place. There are a few exceptions, Woolwich being one. If only its administration was better.

I won’t forget the lenders that help me through this difficult time in a hurry and I will also remember those that don’t.

Jim Gillespie
Independent Financial Services
By email


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