Rhetoric takes over as networks abandon accuracy

From Gary Dixon

For some time now the jockeying for position by networks for mortgage brokers has been intensifying to such a degree that they are now forgoing accuracy for advertising-style rhetoric. Take for example Richard Griffiths&#39 comments about fees (Mortgage Strategy October 13).

His assertion that “a firm needs to buy the FSA handbook for £1,621” is blatantly untrue. The FSA issues its handbook free to all regulated firms monthly on CD and, of course, everything is available to download from its website at no cost.

Griffiths also asserts that mortgage brokers who arrange insurance products will pay double fees. This is highly unlikely. The two are lumped together for the application fee and common sense would dictate that the periodic fees will also be combined in this area.

If Griffiths used more column inches to encourage people to respond to the FSA to lobby for this, he would do his readers more of a service. Instead he prefers to scaremonger, which dramatically distracts from his message.

Please adopt a more positive approach, Mr Griffiths, rather than trying to herd people into a network using invalid arguments.

Gary Dixon

Managing director

Compliance Solutions

By email