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Robert Sinclair, director of the Association of Mortgage Intermediaries; Tony Ward, chief executive of Homefunding; Nigel Stockton, financial services director at Countrywide; Dale Jannels, managing director at All Types of Mortgages; Charles Haresnape, managing director at Aldermore Mortgages; John Wriglesworth, managing director at The Wriglesworth Consultancy

they will use that channel. The majority of first-time buyers are actually using the broker channel. It’s about educating a consumer about the most important financial decision of their life. Charles Haresnape: There is a wider piece for the industry to do, particularly the trade bodies, to make the awareness of brokers more obvious to people in the wider world. There’s an education piece, which is more to be done and I know there’s a budget issue, but to me Robert is only talking internally and just about regulation. We should be getting the message out to the market. That’s another problem. You can take us as an intermediary only lender, it’s very much in our own interest to promote to the consumer the benefit of intermediaries full stop and we will do more of that. If you are a lender who has a big branch network and an intermediary channel then that will be a lot more problematic. It gets even more troubling for borrowers because different brokers have different panels. If you’re a

first-time buyer and you go to one intermediary you get one selection and if you go to another intermediary you get another.

Dale Jannels: It depends on the consumer. If they’ve got an element of sense and they look at the internet, they’ll see so much choice they’ll be confused. They may then go into one broker, and they might be tied and only have a limited panel of lenders. The amount of information from websites and internet may then actually help brokers as when these people get confused with all of the information out there they’ll then see a broker.

DO YOU THINK THAT MMR MOVING TO EXECUTION- ONLY AND ADVISED IS GOING TO AFFECT THE NUMBER OF FIRST-TIME BUYERS? NS: The good news is that the lenders have done us a favour. The reason they’ve done us a favour is that you cannot compare one mortgage from

Santander with another from Nationwide because of the way they’re set up and if they do get to the point where they can go pound for pound they’ll introduce another fee which isn’t comparable. As long as the lenders remain competitive and don’t want comparisons to be made, then that’s good news for the brokers as they can find spaces in the market.

DO YOU THINK CONSUMERS TRUST FINANCIAL ADVISERS? RS: The interesting thing about consumer trust is that consumers just don’t trust financial services. Then it’s about making what other things do consumers trust? The fact is that if they see a big financial institution with a high street face. If something goes wrong then they’ll know that they can complain and someone can deal with it. Consumers have a sense that the name and the brand will give them some sense of trust. The problem is that the broker on the high street may not even


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