Contents
Sex and school. Not a combination most parents would be that keen on but it’s a combination that sells. Britney Spears in a cropped school shirt proved that. But what has this got to do with mortgages, I hear you wonder? Most in the industry have long since left the classroom behind but training and improving professionalism is still very much top of the agenda. The Financial Services Authority is keen to impose regulation that will root out “rogue” brokers and up
the standards of those left advising on mortgages, protection and General Insurance. The Retail Distribution Review has already got the ball rolling in wider fi nancial advice. Qualifi cations are also a large part of the Mortgage Market Review applying to broker standards. So is the approved persons register due to come in next year. But somewhat ignored, yet still vital to the intermediary sector’s survival, is
the training and professional development of new advisers. This month’s cover feature looks at what the industry is doing to “procreate”. And it seems that dusty regulation books are preventing too many brokers and IFAs from getting fresh blood into the industry. It’s too expensive, too much of a risk and the return is too uncertain. But that attitude is affecting this industry’s grades. No A* for us. Instead we’re coming in at around 47. Not even a pass. But that’s
the average age of a mortgage broker nowadays. How do we address this? There’s no lack of understanding that it’s important
we get new people interested in fi nancial advice as a career – many believe that improving professionalism will improve the standard of candidate coming into the industry, creating a virtuous circle. But we need impetus to drive this forward. We’ve had a rough few years in the mortgage industry. It’s been about
survival, not about growth. But as we start September and the new school year, there are those who think it’s time to turn over a new leaf. Maybe we should “sex up” the industry, says Robert Sinclair, director of AMI.
And Mortgage Introducer agrees. There is much that is good and valuable in this industry. And there is much
that should be attracting the youth and talent of today into it. But as Thierry Henry said in his infamous Renault advert: a little “vavavoom” may be in order.
Sarah Davidson, Deputy Editor Issue 26 `September 2010 Editor
Nia Williams, 0207 490 0693
Nia@thepublishinggroup.co.uk
Deputy Editor
Sarah Davidson, 020 7490 1365
Sarah@thepublishinggroup.co.uk
Publisher
Robyn Hall, 0207 490 0588
Robyn@thepublishinggroup.co.uk
Advertising Manager Matt Bond, 020 7490 0588
Matt@thepublishinggroup.co.uk
Subscriptions Andrew Goldsmith, 0207 490 0622
Andrew@thepublishinggroup.co.uk
Head of Production
Melanie Jones, 020 8290 4999
melanie@mortgageintroducer.com
The text and cover papers used in this publication are sourced from sustainable forest products and are fully recyclable.
Printed in England by
The Magazine Printing Company. Distributed by The DM Print & Mail Company
4 News Review 6 Specialist Prime News Review 8 Buy-to-let News Review 10 Equity Release News Review 11 Protection News Review 12 General Insurance News Review 14 Product News Review 15 Sale and Rent Back News Review
16 The Bigger Issue Vote in our poll and see what the experts think
18 Questions from hell All your regulatory queries answered
20 Letters Have your say
22 In the driving seat The industry is on the brink of a recruitment crisis
28 The interview Barclays Woolwich’s David Finlay under the spotlight
33 Selecting and managing third parties Get the best from your relationships
36 Cooling off Are clients leaving themselves unprotected?
38 Protect your client’s lifestyle Opportunities for advisers
40 Changing of the guard Equity release should always be discussed
42 For King and Country Title insurance can add further security
44 Commercial News Review 45 Commercial News Opinion
46 Bridge the funding gap A look at the latest Treasury consultation paper
50 Hall of Fame Who is infamous this month? ADVICE TO READERS The Publishing Group Limited, Davina House, Suite 305, 137-149 Goswell Road, London EC1V 7ET
Information carried in Mortgage Introducer is checked for accuracy, but we recommend that you make enquiries and, if necessary, take legal advice before entering into any transactions. Any views or opinions expressed in this magazine are solely those of the author and do not necessarily represent those of The Publishing Group Ltd. All rights reserved in respect of all articles, drawings, photographs etc published in Mortgage Introducer anywhere in the world. Reproduction or imitations of these are expressly forbidden without permission of the publishers. Editorial contribu- tions requiring an answer should be accompanied by a stamped self-addressed envelope. No responsibility can be taken for contributions lost or damaged in the post. Conditions of sale and supply: this periodical is sold subject to the following conditions, namely that it shall not without the prior written consent of the publishers be lent, resold, hired out or otherwise disposed of in a mutilated condition or in any unauthorised cover by way of trade or affi xed to any advertis- ing, literary or pictorial matter whatsoever. All advertising is subject to the terms of our current rate card.
29x180 PRECISE STRIP
AD.indd 1
MORTGAGE INTRODUCER SEPTEMBER 2010 3
17/5/10 15:13:45 23
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52