“The FSA’s efforts to drive up standards in the industry are worthy and I am glad all mortgage advisers will need Level 3 qualifications and will have to abide by a code of


ethics. There are some real common-sense recommendations starting to appear.”


Matthew Fleming-Duffy, director, Abacus Financial


“I have deep concerns that it could encourage consumers to be even more apathetic about the need to take some re- sponsibility as there is al- ways someone to blame. As angry intermediaries


are already blogging, you have to wonder whether banks should be required to tell clients that they should seek independent advice to get the full picture. ”


Rob Clifford, founder, If I Were You Finance


“Not often do we agree with the direction taken by the regulators, however, on this occasion the MMR or at least the principles appear to be in the best interests of all concerned.”


Terry Pritchard, director, Alt Financial Services


“I’m afraid much of this consultation paper seems to be change for change’s sake and I find it difficult to believe that any of these changes will lead to better advice being provided.”


Tim Moore, managing director, Portal Portfolio


intention is to increase standards of professionalism in the mortgage market, particularly among intermediaries, and for the most part the industry seems to agree that it will achieve that outcome. It is human nature to rail against


change. It’s big. It’s scary. It’s outside our comfort zone. But change is also an


“That brokers must inform clients whether they con- sider deals available from lenders directly seems to be a sensible measure. It’s not a million miles away from brokers declaring if


they are ‘whole of market’ or offering mort- gages from a select panel.”


Richard Sexton, director, e.surv


“As with any discussion paper there is a balance to be struck and I think that overall the imbalance is tilting in the right direc- tion this time. Meaningful disclosure, branch based


staff of the same quality as brokers and not having to charge a fee remain independent are all good. Read across of RDR labels, appropriateness tests on a non advised basis and the tinkering with the KFI rules needs further thought.”


Richard Farr, director, Telos Solutions


“We broadly welcome this paper. Things could have been a lot worse and for instance the preserva- tion of being able to add a product fee to the loan will ensure customers can


choose the right product for them often when cash flow for fees can be tight.”


John Cupis, managing director, Sesame


“I really can’t see chang- ing IDDs and KFIs will help brokers in any way, lenders in any way, or the customer at all.”


Mike Fitzgerald, director, Brentchase Financial


opportunity. Bob Dylan said famously “you better start swimming or you’ll sink like a stone, for the times, they are a-changin’” and it’s not far off the mark where the MMR is concerned. Fahim Antionades, director of London-


based broker Mortgage Centre IFA, sums it up.


“I think as an industry we have always


been to quick to criticise change that means extra work and costs money,” he says. “But on this occasion we should take a long hard look at the future, take a deep breath and embrace it, because the MMR is not going to go away.” n


mortgage introducer DECEMBER 2010 27


“The MMR is still very much an ongoing pro- cess, and we hope the FSA listens and makes changes to the final rules in light of the concerns raised by the lending industry and others.”


Mike Jones, sales director for mortgages, Lloyds Banking Group


“Informing clients should be about quality not quantity. I think anything that reduces the volume of paper while highlight- ing the facts is a positive move in improving clarity and transparency.”


Geoff Hall, managing director, Berkeley Alexander


“Replacing the IDD with another durable form of disclosure is confusing. I fail to see the rationale behind many of the proposed changes and believe many brokers will feel the same way.”


Paul Holden, sales director, MortgageStream


“Anything the FSA does to ensure that quality advice and a high level of service is maintained for consum- ers must be a good thing for the industry as long as it is workable.”


Sally Laker, managing director, Mortgage Intelligence Holdings


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