Packagers must give more information about their financial positions

From David Wylie

I read with great interest the comments from Payam Azadi in his earlier published in the August 7 issue of Mortgage Strategy. I wholeheartedly agree with everything he said and believe that companies should be made to provide more information in press releases when they contain claims of sunstantial levels of growth. The culprits include brokerages, lenders, packagers and packaging organisations.

At C2-Financial we have a policy of transparency and our press releases regularly contain factual information about our performance. I am disappointed that despite repeated requests by me in the press, other packagers have not seen fit to release factual information about the strength of their financial positions. This would go some way towards reassuring brokers that their proc fees are safe in the hands of packagers.

Praise must go to Vesta for stepping up to the challenge but this was a meagre response from the industry. If firms have nothing to hide why can’t they be more transparent with their financial information? Brokers deserve to know.

David Wylie