This silver lining is the ever-increasing quality of brokers who have seen out the bad times and are still in the industry and advising.
We have a massively streamlined industry now, with much better quality advisers as a result.
It has helped level the playing field for them, who can now advise without fearing being undercut by less scrupulous advisers.
This has also been helped by the lenders imposing a system of full income and affordability assessments on every case, with full paperwork to support, which should always have existed.
A further stimulus in this area will be the new practice by certain lenders of publishing and distributing key data on the quality of business they have received.
This relates primarily to completion rates and turn around times on cases and how quickly advisers can provide key supporting paperwork.
What I think – and hope – we are seeing is that banks are finally seeing good brokers as the first line of defence in the underwriting process, which they should be.
Hopefully this will be a virtuous cycle for the industry. The result for the good quality brokers left will be higher procurement fees to recognise the quality business they are delivering – and as a result higher income.
This should all be to the benefit of the banks, the clients and the brokers.