moneyQuest has launched a fee-free secured loans service aimed at the small to medium sized broker market.
The service, called moneyQuest Loans, is designed for brokers looking to deliver loans to the highest industry standards in a largely unregulated financial services area.
Derek Pollard, moneyQuest director, believes his companys combined mortgage and personal loan experience sets moneyQuest Loans apart from those offered by loan companies currently flooding the broker market.
Pollard says: Following the introduction of new mortgage regulations by the FSA in November 2004, it became clear that in order to provide the best products to our customers, we also needed to offer secure loans.
After analysing the offering from loans companies already on the market we were unhappy with the levels of service and decided to set up our own loans arm.
A large proportion of brokers have teamed up with loans partners, with the aim of ensuring the best product provision for the customer.
However in doing this they are effectively passing on valuable client contacts to largely unregulated organisations.
Many of these loans partners go on to sell over priced, single premium payment protection policies to customers. This is often not in the best interests of the customer, resulting in damage to the reputation of the broker who passed on their details.
This was picked up by the recent OFT report (Payment protection insurance market study: emerging issues), written following the submission of a super-complaint by Citizens Advice which suggested that features of the PPI market are seriously harming the interests of consumers.
Pollard added: What moneyQuest Loans is able to offer is essentially peace of mind for the broker.
As established mortgage brokers we are well aware of the regulations as laid down by the FSA regarding mortgage provision. We have chosen to apply these industry standards to our loan provision service
moneyQuest Loans is all about working in partnership with brokers to make sure that we get the best for both them and their clients. We offer a totally transparent service, which allows brokers to track the status of their valued clients loans request online at any time.
We do not rely on the sale of PPI for our profit, as due to our size and position in the market we are able to negotiate deals with major loans providers which smaller rivals are simply not able to do.
Brokers can rest assured that a partnership with moneyQuest Loans will not in any way damage their reputation.
“The last thing we want is a replay of the endowments disaster, where many brokers were eventually held accountable for the sale of a service which in many cases was against the best interest of their clients.