Consumers positive about mortgage advisers

Ramesh Sharma

February 4, 2006

The CML survey revealed clients’ thinking towards the process of buying a mortgage hasn’t changed much; and where it has changed, it has for the better.

However, Sue Anderson, external affairs head at the CML, highlighted the fact a third of clients were unsure if they’d seen a KFI as a problem that needed to be addressed.

“We need to make sure the information given to clients is accessible to them,” she said. “This is something both lenders and the FSA need to consider to make sure regulation works.”

While 8 per cent of consumers were unhappy with their lender’s service, 28 per cent of those said they had been left confused by what the lender had told them.

But the survey suggested regulation seems to have improved the public’s perception of the industry.

The percentage of people who regarded the adviser’s service as professional and put

their clients’ needs first has risen nearly a quarter from 31 per cent to 40 per cent since ‘Mortgage Day’.

Anderson added: “What this survey highlights is there isn’t one big problem area which needs immediate attention and, on the whole, the public’s view is of a positive picture. However, these are the views of the client which are only one part of that picture and lenders and brokers may have differing views on the subject.

“The FSA needs to look at this information as there is still a way to go but hopefully these views will be taken on board.”

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