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8 | Questions from Hell
Questions
from hell
This month’s Questions from Hell tackles all
your mortgage and GI regulatory queries
courtesy of Bill Warren
T
he phrase ‘green shoots’ has yet senior figures within the FSA that demonstrated either a lack of understanding
again been used in recent weeks intermediaries are so much to blame for the of the average consumer’s needs and situation
to reflect activity in the housing bad advice and therefore the problems or a disregard for them.
market and elsewhere. But how experienced by lenders, has made this a really Despite their alleged shortcomings the
real is this optimism when frustrating and challenging time for majority of brokers work very hard for their
faced with the harsh realities of intermediaries, as if it wasn’t difficult enough clients to help them achieve the right result
intermediary business? already. The increasingly worrying trend to for the right reasons. Let us not damn the
The really encouraging aspect of these pander to lenders and product providers by many with evidence from the few - were
comments is that they have been coming from blaming everyone who is an easy target has lenders and product providers so angelic when
different sectors of the UK business both raised many concerns but also belittled growth targets were their mantra?
community as well as within the property the reputation of the mortgage industry as a Question: Experts in both the risk and
finance world, so maybe we have turned the whole. compliance fields have made many
corner. That said, for some time to come we Much more informed and articulate writers recommendations and suggestions recently to
will all be fighting for business like never than I have expressed the industry’s fury, the effect that all firms should undertake a
before, as the price linked to quality impact indignation and total disgust at this blame risk analysis of their business. That’s fine for a
remains the all important factor for decision game culture that has sprung up very recently. large firm perhaps with those expert resources
makers, whether they be consumers wanting You have to admire the stance taken by Chris in-house or with systems set up to undertake
to move house, remortgage or acquire goods. Cumming the Director General of AIFA & such a review but what about a small to
Despite these signs of optimism the reality AMI who has risen above it all and called for medium-sized firm? How should they go
of the daily struggle for business continues, as industry unity to address the real issues, such about a review of risks to their business and
does the continual drone of blame being as adequate funding for those consumers clients?
placed at the intermediary’s door. A few weeks wanting or needing to relocate for Answer: An approach I have suggested to
ago the much-publicised speech written by the employment purposes in particular, as well as others has been to start with a basic
CML Director General Michael Coogan, but those needing to remortgage. With so much assessment of your firm’s strengths and
delivered by one of his senior management time taken up by talk of helping and weaknesses listing them out followed by a list
team, enraged the intermediary community at protecting the consumer through such of the opportunities and threats to your
the FSA Mortgage Conference. activities as treating customers fairly the business - a SWOT analysis. This should give
This, aligned with the comments made by recent ‘comments’ have certainly you the basis then to prioritise the points
July/August 2009 Mortgage Introducer
www.mortgageintroducer.com
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