Broker recruitment crisis fears unfounded

Sam Cordon

November 5, 2013

As the market approaches the introduction of MMR in April next year speculation has been mounting that major lenders could look to recruit trained intermediaries from brokerages as they look to boost their direct channels.

Last month Nigel Stockton, financial services director at Countrywide, said: “I think the lenders are going to pick and choose the CeMAP qualified advisers. I think we are all in trouble.

“If I could give any advice to brokers it would be to go out hiring and go out hiring now. Recruit them and keep them because the market is going to grow next year.”

But Walker-Smith, client director at worksmart, that assists a number of major lenders with their training and competence programs said such a move was unlikely.

He said: “We deal with a number of lenders but we have not heard any rumblings of the need to bring people in.

“The big players have programs of learning and development in place to ensure that advisers are trained up to the proper standard before the launch of MMR.

“We can’t talk for the entire market and there is the chance of some gap filling by lenders. However, any large scale recruitment drive for CeMAP advisers is unlikely.”

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