A broker has called on the Financial Services Authority to examine lender service levels.The source, who asked to remain nameless, contacted Mortgage Strategy after he was told on two occasions by Northern Rock that his client’s loan had been agreed, only to told in subsequent phone calls that it hadn’t. Though the Key Facts Illustration was eventually produced, he complains lenders are continually letting brokers and their clients down with poor levels of service and this is both frustrating and time consuming. He says: “This is yet another case of lenders providing poor service whilst expecting business from brokers. Surely it’s time for the Financial Services Authority to examine the lenders’ service levels.” Terry Pritchard, managing director of Chase UK, says service standards slip when lenders launch products without ensuring staff can cope with increased demand. He adds: “It’s an inherent problem for Northern Rock and other prime lenders, but investing in staff training and technology are the answers rather than regulation.” Stephen Atkins, managing director of Freedom Finance, agrees that while many lenders have prioritised branch service since regulation, some have failed improve their service to brokers. But he says: “Service isn’t within the remit of the FSA, though there could be a case for AMI to investigate.” Ron Stout, assistant director at Northern Rock, says: “We were rated highly in a recent poll in terms of our strategy and the quality of service we provide to brokers. “We don’t claim to be perfect and mistakes are occasionally made, but we are willing to learn from our mistakes to further improve our service.”
The Abbey Residential Property Plan marketed in association with Knight Frank Corporate Finance closes to investment on November 4. This 10-year investment is designed to provide both capital protection and offer investors exposure to the UK residential property market without the risks that come from buying property as an investment. The Plan tracks the Halifax […]
Education secretary Ruth Kelly and trade and industry secretary Alan Johnson says the Financial Services Skills Council has been successful in its bid to create a National Financial Services Academy. The NFSA is scheduled to open in September 2006, with an initial three centres in London, Manchester and Norwich. Further centres will be developed in […]
Ten years after propertyfinder.com blazed a trail by setting up the UKs first property search website, News International and realestate.com.au today announced the purchase of Asserta Holdings, which owns UK property portal Propertyfinder.com in a deal which values the company at 15m. News International and realestate.com.au, Australias leading property portal, have jointly purchased 95% of […]
Mortgages PLC has been accused of trying to drum up business with a dirty tricks campaign against Infinity Mortgages. The Merrill Lynch-owned sub-prime lender sent a letter to brokers last week entitled ‘More than Infinity? Yes it’s possible’, which explains that it no longer funds Infinity products. The letter goes on to say: “We would […]
Whether you’re a small company or an established larger employer, expanding overseas into emerging markets can be an extremely attractive prospect for growing your business. However, with this comes a duty-of-care requirement to any staff based overseas.
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