Mortgage Angels criticised

Brokers have slammed Mortgage Angels for conflict of interest after it endorsed a complaints company that targets brokers to introduce consumers with endowment policies.

The lead generation firm included details of the company, Endowment Support, in a mailshot to brokers and IFAs, introducing it with the phrase: “At Mortgage Angels we’re always looking for new ways to add value to your business”.

The email states: “Do you have clients that could be eligible for compensation in connection with their endowment policy? If you’ve felt uncomfortable in the past about referring cases to a claims handling company, then look no further”.

It goes on to detail that for each successful referral, advisers can expect to earn, on average, 125 in commission.

Jim Gillespie, IFA and operations director at The Property Supermarket, says: “Talk about biting the hand that feeds you.”

Sole broker Roy New adds: “This is disgusting. Mortgage Angels shouldn’t be seen to be dealing with a cause that is against IFAs and at the same time selling leads to them.”

But Nat Daniels, managing director of Mortgage Angels, says: “I can see why it might be seen as a conflict of interest. But I’m sure the adviser in question would want to look at consumers’ interests as a whole.

“A lot of Endowment Support’s clients are IFAs and advisers who are using the service it provides which is why we were approached.”

Pauline Stone, director at Endowment Support, says: “A lot of advisers prefer to refer clients with an endowment complaint to a firm that deals with them in a professional way.”