From Patrick Day
In your January 6 issue you published an exclusive entitled 'BMS drops two packagers from list.' Below is the response we made to our network of members:
Dear Exclusive Connections member,
You have probably heard via Mortgage Strategy that BMSL have terminated their packaging agreement with us. I attach a copy of that letter for your information.
I am deeply dismayed by this action. Lenders have the prerogative to deal with whom they wish. That has always been the case and we all recognise that. What has upset me, and I am sure all of you, is the disrespectful manner that BMSL advised and implemented their cancellation of the contract. On two separate meetings in 2002 John Lee, their specialist lending manager, encouraged and exhorted us to increase business with BMSL.
In 2002 we delivered. Exclusive Connections completed 912 applications for £95,759,630. Additionally, the trend was on the up. In the latter part of the year, John Lee disappeared and a new management team was installed at BMSL, with Martin Reynolds acting as key accounts manager. We made contact and an appointment was made for December, the objective being to review performance and to discuss plans into 2003.
Unfortunately Martin Reynolds cancelled that meeting and subsequently another appointment was made for January 3 2003. Martin Reynolds attended promptly at 2.30pm on that day. He immediately advised me that he had not come for a meeting but to deliver me a letter (see attached). I was shocked. No detailed explanation was offered.
What was shocking, became vindictive when the January 6 edition of Mortgage Strategy rolled off the press. The copy had been prepared in advance and allowed me no time to arrange alternative products.
Organisations, like individuals, are judged by what they do and not by what they are. This is called behaviour, and quite frankly the behaviour of BMSL has been exceedingly discourteous to Exclusive Connections, bordering on arrogance.
Please note that we are now working on negotiating products that will fill the gaps left by BMSL. Please be reassured that this fiasco was completely beyond our control at Peterborough. We will do all in our power to assist where we can.
We all wish you a prosperous New Year, and trust that this episode will soon be distant and forgotten.
What future behaviour can mortgage intermediaries expect from Birmingham Midshires Solutions -sufficient warning as to when they will vigorously cross-sell to their clients?