Martijn Van der Heijden, head of lending at HSBC, says European regulators’ proposals for advised sales would fundamentally change the way it sells mortgages.
The European mortgage directive proposes that all advised mortgage sales will require an appropriate comparison of products.
It could force branch advisers to offer products from competitors or offer a purely non-advised service.
Van der Heijden, who was recently appointed the chairman of the Council of Mortgage Lenders, says: “There is no way you could do less than four products in a comparison and that worries me.” He says the changes would make him nervous about non-advised sales because of action from the regulator.
“The regulator may say advice was implied and we should have checked other products so I would not be comfortable with non-advised and I’d have to go all advised.
“It would be a material change to our telephone and online channels so it’s the number one thing I worry about.”