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Has regulation helped the image of the industry?

Ramesh Sharma

June 1, 2004

One year on from ‘Mortgage Day’, only 31 per cent of brokers believed regulation has had a positive effect on the market’s public image while 16.7 per cent said they cannot tell yet.

Martin Reynolds, head of sales at BM Solutions, said: “This represents a call to action for the industry. Every business in the mortgage market has a part to play in selling back regulation to the consumer and the protection it brings them. We must all accept accountability in this area and play a part in raising consumer awareness and confidence.”

Mortgage Introducer asked one appointed representative (AR) and one directly authorised (DA) broker to give their views.

AR Rod Murdison, proprietor of Murdison & Browning, said: “I’d be amazed if anybody thought the legislation was created to improve the public’s image of the mortgage market in general or mortgage advisers in particular. No politician desperate for increased public awareness has lost out in pandering to the clichéd view of financial advisers as being commission-hungry sharks.

“ Sadly I see no way back and the result will be fewer lenders offering fewer products via fewer retail outlets, i.e. fewer brokers, and all at greater cost to the public both from the lenders and intermediaries who manage to survive. Something more diametrically opposed to helping the public is hard to imagine.”

DA broker Simon Chalk, mortgage planner at Mortgage Portfolio Services, said: “The statement that businesses in the market all have a part to play in selling back regulation to the consumer is rubbish.

“ My job is to sell to consumers an affordable and appropriate mortgage that fits their needs and requirements. Regulation is not good for consumers as it is costing them a huge amount of money for something that doesn’t benefit them. My job isn’t to sell regulation; it is to provide fair and ethical advice which I always have done.”One year on from ‘Mortgage Day’, only 31 per cent of brokers believed regulation has had a positive effect on the market’s public image while 16.7 per cent said they cannot tell yet.

Martin Reynolds, head of sales at BM Solutions, said: “This represents a call to action for the industry. Every business in the mortgage market has a part to play in selling back regulation to the consumer and the protection it brings them. We must all accept accountability in this area and play a part in raising consumer awareness and confidence.”

Mortgage Introducer asked one appointed representative (AR) and one directly authorised (DA) broker to give their views.

AR Rod Murdison, proprietor of Murdison & Browning, said: “I’d be amazed if anybody thought the legislation was created to improve the public’s image of the mortgage market in general or mortgage advisers in particular. No politician desperate for increased public awareness has lost out in pandering to the clichéd view of financial advisers as being commission-hungry sharks.

“ Sadly I see no way back and the result will be fewer lenders offering fewer products via fewer retail outlets, i.e. fewer brokers, and all at greater cost to the public both from the lenders and intermediaries who manage to survive. Something more diametrically opposed to helping the public is hard to imagine.”

DA broker Simon Chalk, mortgage planner at Mortgage Portfolio Services, said: “The statement that businesses in the market all have a part to play in selling back regulation to the consumer is rubbish.

“ My job is to sell to consumers an affordable and appropriate mortgage that fits their needs and requirements. Regulation is not good for consumers as it is costing them a huge amount of money for something that doesn’t benefit them. My job isn’t to sell regulation; it is to provide fair and ethical advice which I always have done.”One year on from ‘Mortgage Day’, only 31 per cent of brokers believed regulation has had a positive effect on the market’s public image while 16.7 per cent said they cannot tell yet.

Martin Reynolds, head of sales at BM Solutions, said: “This represents a call to action for the industry. Every business in the mortgage market has a part to play in selling back regulation to the consumer and the protection it brings them. We must all accept accountability in this area and play a part in raising consumer awareness and confidence.”

Mortgage Introducer asked one appointed representative (AR) and one directly authorised (DA) broker to give their views.

AR Rod Murdison, proprietor of Murdison & Browning, said: “I’d be amazed if anybody thought the legislation was created to improve the public’s image of the mortgage market in general or mortgage advisers in particular. No politician desperate for increased public awareness has lost out in pandering to the clichéd view of financial advisers as being commission-hungry sharks.

“ Sadly I see no way back and the result will be fewer lenders offering fewer products via fewer retail outlets, i.e. fewer brokers, and all at greater cost to the public both from the lenders and intermediaries who manage to survive. Something more diametrically opposed to helping the public is hard to imagine.”

DA broker Simon Chalk, mortgage planner at Mortgage Portfolio Services, said: “The statement that businesses in the market all have a part to play in selling back regulation to the consumer is rubbish.

“ My job is to sell to consumers an affordable and appropriate mortgage that fits their needs and requirements. Regulation is not good for consumers as it is costing them a huge amount of money for something that doesn’t benefit them. My job isn’t to sell regulation; it is to provide fair and ethical advice which I always have done.”One year on from ‘Mortgage Day’, only 31 per cent of brokers believed regulation has had a positive effect on the market’s public image while 16.7 per cent said they cannot tell yet.

Martin Reynolds, head of sales at BM Solutions, said: “This represents a call to action for the industry. Every business in the mortgage market has a part to play in selling back regulation to the consumer and the protection it brings them. We must all accept accountability in this area and play a part in raising consumer awareness and confidence.”

Mortgage Introducer asked one appointed representative (AR) and one directly authorised (DA) broker to give their views.

AR Rod Murdison, proprietor of Murdison & Browning, said: “I’d be amazed if anybody thought the legislation was created to improve the public’s image of the mortgage market in general or mortgage advisers in particular. No politician desperate for increased public awareness has lost out in pandering to the clichéd view of financial advisers as being commission-hungry sharks.

“ Sadly I see no way back and the result will be fewer lenders offering fewer products via fewer retail outlets, i.e. fewer brokers, and all at greater cost to the public both from the lenders and intermediaries who manage to survive. Something more diametrically opposed to helping the public is hard to imagine.”

DA broker Simon Chalk, mortgage planner at Mortgage Portfolio Services, said: “The statement that businesses in the market all have a part to play in selling back regulation to the consumer is rubbish.

“ My job is to sell to consumers an affordable and appropriate mortgage that fits their needs and requirements. Regulation is not good for consumers as it is costing them a huge amount of money for something that doesn’t benefit them. My job isn’t to sell regulation; it is to provide fair and ethical advice which I always have done.”


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