It’s a sentiment I have been carrying around for some time now and one that I believe holds an important lesson on how we should be approaching our business in the current market.
In my personal relationships I have always found that problems are made worse through silence. This seems to be true also of the broker market. Gone are the days when heads could be buried in the sand and phones unanswered.
The market is too precarious for that now – lenders, networks, clubs and brokers of all sizes need to be as transparent as possible in their operations and communications.
This is why Abbey has tried to be so open and honest about how it is operating at the moment.
This includes asking mortgage distributors to disclose strategic information so we can manage our respective commercial reputations and we recently announced changes to our operating structure to deliver a better service to our intermediary customers.
It is not always going to be great news that we have to communicate but we will at least be talking.
I welcome more discussion in the industry and hope other businesses that rely on the success of the broker market follow our lead and communicate all aspects of their business more clearly.