Paaleads tries to limit harm done by parent group

DEV MALLE, SHOCKED BY MISJUDGEMENT was forced to apolo-gise to brokers last week for the disparaging comments parent made about the intermediary market.

Moneysupermarket issued a press release claiming nine out of 10 mortgage deals were available on a direct-only basis, but last week it retracted this following a backlash from brokers.

But the comparison site did not retract comments made by Kevin Mountford, head of banking at Moneysupermarket, who claimed brokers limit choice and should be seen as part of the shopping around process rather than having the last word on mortgages. In an email to its customers Paaleads tried to calm the storm after a number of advisers said they wouldn’t work with it again.

The email says: “Some of the trade media has accused Moneysupermarket of criticising the broker market. This was not the intention and we would like to reiterate that we support brokers and see them as a vital tool for consumers.

“We apologise unreservedly for any misunderstanding caused by the press release.”

Personal Touch Financial Ser-vices has removed Paaleads from its lead generation panel while Tenet Group is considering its relationship with the lead provider.

Despite the retraction Dev Malle, sales and marketing director at PTFS, says it’s too little too late.

He adds: “This is not the first time it has misjudged the broker community and I’m shocked.

“We need to work in partnership with organisations and we can’t do that where our value to customers is wrongly challenged.”

And Keith Richards, group distribution and development director at Tenet Group, says: “We are disappointed by these comments and have made our feelings known. But as we represent a variety of advisers we will not be making any knee-jerk reactions.”