End this child-like attitude of ‘we know but won’t tell you’

I was interested to read that the FSA believes it is bad practice for lenders to justify declined cases to brokers.

Both advisers and clients have the right to know. Clients have a right because of Treating Customers Fairly principles, while brokers have relationships with lenders that should amount to a partnership.

So we should protect each others’ interests. If there is something wrong that was possibly unacceptable in the past or a credit issue we should be told about it.

As long as it does not constitute a tip-off under anti-money laundering regulations then we can make a decision on whether to continue with the case. I hate this child-like attitude by lenders of ’we know, but won’t tell you’. Lenders need to grow up.

Terry Wells