Edeus has predicted it will be five years before what it calls the “real nasties” in the market are exposed.Alan Cleary, managing director of edeus, warns that the Financial Services Authority’s recent spate of fines was just the tip of the iceberg. He says: “I think it will take about five years before the real nasties come out. We will remove brokers who we think are doing things in a dodgy way. “In about five years the FSA will get properly stuck in. My advice is to keep your paperwork robust as that’s where everyone gets nailed.” And Chris Cummings, director- general of the Association of Mortgage Intermediaries, says the FSA will turn up the heat. He says: “Our industry is like a boiling frog. If you put a frog in boiling water it jumps out. But if you put it in tepid water and turn up the heat slowly, you soon have a boiled frog.” However, he highlights that recent FSA mystery shops failed to provide evidence of widespread malpractice. But Richard Fox, chief executive of the Society of Mortgage Professionals, warns that studies consistently find 40% of brokers are not up to scratch. He says: “That is not good enough. How many cowboys are there in this industry? I think it must be about 5%. The FSA doesn’t want to fight us, it wants to help us.”
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LMS’ remortgaging service for packagers is now accessible through Mortgage 2000 and can be used via M2000’s m2-d and Casemaster. The system offers clients a number of features including the provision of automated documentation. It also gives introducers the chance to add an income stream from conveyancing referrals.
Support is critical in the mortgage industry. Kevin Paterson’s A-Z review rates the marketing material that lenders issue to help brokers with sales and business development
In the face of mounting media speculation, Bank of England governor Mervyn King last week claimed that the outcome of this Thursday’s Monetary Policy Committee meeting is not a done deal. Try telling the pundits that. Most seem positive that a 25 basis point rise is a certainty and that the market will be under […]
New figures released from W3 Debt Solutions show that banks and other lenders should recover an average of 48p in the pound of their unsecured bad debts under W3s Individual Voluntary Arrangements schemes.Reducing bad debts will be increasingly important for lenders as bank base rates climb from their current levels of 4.75% to a predicted […]
With volatility set to continue, Peter Saacke, manager of the Artemis Global Growth Fund, thinks stock-specific opportunities are on the rise.
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