View more on these topics

Kent Reliance slams Concordia as a cartel

Kent Reliance has blasted Concordia as nothing more than a cartel and says it will be bad for consumers.

Rob Procter, deputy chief executive of Kent Reliance, says this is terrible news for the consumer and should worry the Financial Services Authority.

He says: “I think that this is terrible news for the consumer and should worry the FSA.

The collaboration of these five large brokers will reduce competition and choice and create a monster that will try to manipulate the market.

Smaller lenders or those that refuse to pay higher procuration fees will be excluded from their panels.

Advisors will recommend lenders on the basis of the fees that they will receive rather than the quality of the product.

How does this square with their duty to give best advice?

Ultimately the consumer will pay and higher proc fees make better rates for the consumer impossible.

Cartels are by their nature anti-competitive and that is what
Concordia is, however they try to dress it up.”

Kevin Duffy, managing director of Hamptons Mortgages, says: “It is disappointing that Kent Reliance hasnt grasped what was very clear in the outline of what Concordia is about. These five businesses are all directly authorised and highly compliant, and all have excellent relationships with the FSA.

So why we would bother or risk entering into a price fixing cartel is beyond us.

But Kent Reliance is an important and futuristic lender for us all and we are happy to set it straight on how Concordia will work in practice and why there will be significant benefits for all lenders, including building societies.


Cobalt in recruitment drive

London brokerage Cobalt Capital has created a 5m recruitment fighting fund and is offering prospective employees who sign up a 50,000 golden handshake.The fund is enough to enable Cobalt to poach, for example, the entire team of staff from rival brokerages. The fund can be utilised to buy other broker firms outright, and Cobalt has […]

Pink to hold AR conference

Pink Home Loans is to hold its first annual appointed representatives sales conference on February 8 next year. The conference will host an array of guest speakers who will be sharing their views on topical issues. There will also be presentations from Pink and networking to share ideas will be encouraged. The conference will be […]

FSA should do more to help brokers comply

I understand the debate that goes on in our regulators’ offices about whether regulation should be prescriptive or principles-based.

AMPD seeks integrated online system

Lender awards Best UnderwriterPhil Regan – BM Solutions Best Business Development ManagerTony Batchelder – Halifax Best Large Loans LenderBank of Scotland Best Sub-Prime LenderPlatform Best Lender TechnologyEdeus Best Specialist LenderGMAC-RFC Best Mainstream lenderHalifax Best Overall LenderBM Solutions Best Lender ServicePortman/The Mortgage Works Best Buy-to-Let LenderClydesdale Industry Achievement IndividualPhil Jenks Industry Achievement LenderNorthern Rock Surveyor awards […]

Burnett: what needs to happen for value to start performing again?

Value stocks have significantly underperformed growth stocks in Europe in the past decade. However, Rob Burnett, manager of the Neptune European Opportunities Fund, believes we are now approaching an inflection point. Watch the video below to find out more. In the video, Rob discusses: How low inflation and loose monetary policy since the global financial […]


News and expert analysis straight to your inbox

Sign up