The Analysis News & Opinions
Intermediaries warned of BTL mis-selling scandal
Intermediaries have been urged to stay clear of buy-to-let tax advice to avoid being involved in the next potential mis-selling scandal. Speaking in a Specialist Lending Panel at
today’s Financial Service Expo (FSE) London, Louisa Sedgwick from Vida Homeloans outlined the importance attached to brokers having documentation in place to say they had offered no tax advice, as she cited this as the next potential mis-selling scandal. Also on the panel, Rob Jupp from
Brightstar Financial, said: “The important thing is that brokers spend the appropriate time making sure that they never cut corners on buy-to-let transactions. “And that appropriate documentation is
in place from specialist tax advisers to accept responsibility for the advice they give.” Adrian Maloney from OneSavings Bank
added: “Make sure that your clients are getting the right tax advice and that you, as an adviser, are almost isolating yourself to the mortgage advice. “Tax advice should only be done by
someone who knows the process inside and out.” In terms of the wider tax implications the
panel agreed that some elements of the landlord community were still getting to grips with how the changes will affect them. Meanwhile, Alan Cleary from Precise
Mortgages outlined that professional landlords, and larger portfolio holders, currently possessed a far greater understanding of the tax changes. He said: “We have statistics which suggest
that around half of amateur landlords do not know exactly what is going to happen to their profitability as a result of the tax changes.” David Whittaker from Keystone Property
Finance, added: “Lots of landlords remain blind to exactly what is going on, they are aware there is a problem but do not know how to quantify it yet. And when most of them do their tax returns, then most of them are going to get a wake-up call.”
8
Outsourcing will be up for discussion
At a time of intense regulatory change, lenders and collectors are to gather on to discuss some of the major trends that will impact on the way they outsource, in a debate run in association with BPO. At a time when all businesses are needing
to look again at their strategies and established behaviours, outsourcing has again become a key opportunity that can help to provide additional capacity, flexibility, and regulatory compliance. Stephen Kiely, editor of CCRMagazine,
said: “In an ever changing regulatory environment, it is crucial to be able to share experiences of outsourcing and to consider if your assessment of key priorities and
www.CCRMagazine.com
outcomes is matched by those of your peers in the industry. “So I am very pleased to be working with
BPO to provide a significant forum for this to take place, in keeping with our established tradition of encouarging the industry to have its say. Its promised to be an extremely valuable debate”
October 2018
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