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Moneysupermarket.com retracts its direct only stats

Moneysupermarket.com says it supports the broker market and has withdrawn its statistics that claim 90% of mortgage products are currently available direct.

It released the figures over the weekend but says it is reviewing the statistics because it may not have included some broker only deals in its calculations.

A spokesman for Moneysupermarket.com, says: “We do support the broker market and think they are vitally important. The press release was not intended to cause offence to brokers but was meant to emphasise that some consumers who are used to going to a broker will not be aware of how the market has changed.

“But there are a couple of broker only deals we were not aware of and because of the broker reaction we have received we are reviewing the stats and have withdrawn the press release.”

Kevin Mountford, head of banking at moneysupermarket.com said that whilst some people will always want advice from an intermediary, this should be seen as part of the shopping around process rather than the final word in mortgage products, as consumers who fail to shop around will no doubt miss out on the best deals available.

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  • Anon 3rd August 2010 at 9:30 am

    FSA introduces legislation to de-value brokers role in the industry. Lenders already pushing direct channel. FSA entertainment budget 600k – I wonder what water cooler conversations are going on at these meetings. Sort of come to be expected to be tucked up by our regulator and those whose products we advise on.
    Brokers add PAA to the provider hit list and vote with your feet.

  • David Carter 2nd August 2010 at 5:56 pm

    This is oh, so moneysupermarket.com. Indeed, as I finally withdrew from them a year ago after continuing to receive ‘investment’ leads of £50pm at lead prices upwards of £30, despite complaints to that organisation. At least they have the honesty (or foolishness) to reveal the size and nature of their self-serving nature to the hands that feed them. Yes, take leads from elsewhere.

  • Austin 2nd August 2010 at 5:38 pm

    I fear this is clever guerilla marketing…

  • Keith Curtis 2nd August 2010 at 5:03 pm

    Unbelievable. How do these people get to positions of responsibility with ill-thought out comments like this. Do not buy their leads in any event. How can the broker community support an organisation that does not support them. Mr Kevin Mountford is now a man without portfolio.

    Quite clearly Moneysupermarket.com believe they are bigger than the market and believe we are interested in their crass and biased views. In my eyes they have no credibility having ripped off the idea of Moneysupermarket.com from Lenderslake many years previous.

  • Anon 2nd August 2010 at 3:58 pm

    Say a lot that a price comparison site can not get its facts right or even ensure it is offering its customers some of the best products around. Maybe the market needs a new sourcing tool that is accurate and trustworthy for brokers and consumers alike.

  • Greg Oxenham 2nd August 2010 at 3:37 pm

    The Moneysupermarkets of this world have been allowed to amass power and influence because we, the brokers, have financially propt them up by buying their near useless leads.

    I disagree with the way they play both sides of the fence in an attempt to curry favour with both camps. They are a commercial organisation that responds to only one thing. Profit.

    I for one have found another lead generator with a far more ethical approach to business. One which doesn’t send out inflammatory emails to generate further on-line publicity.

    You should all walk away from these cowboys once and for all.

  • Serval 2nd August 2010 at 1:57 pm

    This puts Bill Clinton to shame!

  • Just another broker.. 2nd August 2010 at 1:52 pm

    Moneysupermarket make out they are the ultimate reference for financial advice – Kevin Mountford should be served his P45 – for misrepresentation, defamation of character and just being probably the company’s dumbest employee.

    I have data today that proves what Mountford said is incorrect. Shall I sue him? -NO Will I ever buy leads from them again – NO, and are brokers the champion of the consumer – YES.

  • Mark Donnelly - Expert Money 2nd August 2010 at 1:40 pm

    Nothing like biting the hand that feeds you!!!!

  • jonathan burridge 2nd August 2010 at 1:17 pm

    It’s very difficult to “unsay” something. Perhaps Moneysupertmarket have suddenly realised the size of the hand that feeds it. The public arent going to see or digest the retraction.

    I say again, stop buying leads from a provider that does not beleive in the sector.

    If I was running Moneysupermarket there would a a member of PR leaving the building today.

    Stupid beyond all comprehensiion.

    STOP BUYING THEIR LEADS.

  • Ron Radway 2nd August 2010 at 1:02 pm

    Whilst he is plain speaking mode, perhaps he might enlighten the public as to the value of insurance comparison sites-the premise being by cutting out the middle man (us) you’ll get a cheaper premium- Would he like to publish Provider Entry Fees & “Hit” Fees, whether bought or not? The public deserve his level of honesty!!

  • Fahim 2nd August 2010 at 12:58 pm

    for Glad not a MB: Don’t you think it’s these type of dumb best-buy listings which give off the impression to the buying public that you can just walk in and say “I want that one” – as if they’re buying a scarf or something – precisely what sunsettles and confuses the public? Especially when half the time the public finds out AFTER the whole application process that they don’t fit the lender’s underwriting criteria – what a waste of time. And what do you make of them retracting their comments?

  • Ancient Wisdom...is a mortgage broker in N3. 2nd August 2010 at 12:53 pm

    With articles like this from Moneysupermarket – they just got cut off as of today as a company to buy leads from.

    (they wont feel the loss of our business, in 4 yrs we only bought leads once – 20 – and they were all a waste of time).

  • Dave D 2nd August 2010 at 12:37 pm

    As per usual, Some monkey at the top of the tree making the usual mistake of insulting the brokers and they want us to buy there so called quality leads. Bye Bye Mr Moneysupermarket.com… They need us more than we need them….

  • Glad not a MB 2nd August 2010 at 12:33 pm

    Mortgage Brokers feeling the pinch could do without this kind of comment which unsettles and confuses the buying public and rattles the hand that feeds them…Brokers… Oh dear.

  • Plonker 2nd August 2010 at 12:32 pm

    What a plonker, how can someone make such a public statement without reviewing the facts.

  • Ketan Yadav - Avenue & Co Private Finance 2nd August 2010 at 12:29 pm

    According to our sourcing systems, direct only deals accoun for aorund 30% of available products.

    Moneysupermakets claims are based on figures supplied to them – from direct only lenders!

    YOU CANT COMPARE MOTOR INSURANCE AND MORTGAGES – DO NOT ATTEMPT THIS AND ALWAYS SEEK INDEPENDENT ADVICE FROM A SUITABLY QUALIFIED INDEPENDENT FEE CHARGING PROFESSIONAL – ITS A LONG TERM LOAN AND YOUR HOME IS SECURED ON IT.

  • James Dent 2nd August 2010 at 12:26 pm

    I’d like our good friends at Mortgage Strategy to do some investigative work into how many customers who went direct actually received the best rate or were sold more expensive Target driven products. Is this possible?

  • Dole Dweller 2nd August 2010 at 12:21 pm

    Kevin is in trouble….

    One more person looking for a new job this week then. Don’t bite the hand that feeds you Money’Stupid’Market.

  • Petro 2nd August 2010 at 12:20 pm

    Straight out the Alistair Campbell School of Public Relations!!!!!!!!

  • Neil Bates 2nd August 2010 at 12:18 pm

    Suggest all brokers vote with their feet and stop buying overpriced leads from Money supermarket and its subsidiaries, foot in mouth or what !!

  • John Baker 2nd August 2010 at 12:17 pm

    Kevin Mountford – The new Gerald Ratner

  • Anna Nonimous 2nd August 2010 at 12:11 pm

    Preparing to asert authority on my lung capacity as one gears up for an extra special verse of “Egg on your face. Egg on your face.”