I was interested to read about Moneysupermarket.com’s recent comments on how the best mortgage deals are now only available direct from lenders.
Obviously, the day the FSA wades into this argument and declares that consumers’ interests are better served by comparison sites is the day I close my broking business and move to an unregulated role in the financial services industry.
It is beyond my comprehension that the regulator has not issued a clear statement of intent on this matter yet.
There’s no better tool for informing the mortgage-buying public than whole-of-market mortgage advice.
Comparison sites have a position to defend which depends on them selling advertising around the information they dispense.
This information may advise but it is does not recommend, and it has been proved that consumers need recommendations.
If we as an industry continue to allow these self-serving organisations to distort facts and fail to insist that the FSA intervenes to regulate them we will deserve much of what we get.