Proposed Mortgage Broker Code of Conduct

MSE_Martin · 7 December 2006 at 6:16PM

Hi following on from the discussion here I have drafted up a code of conduct. I thought it'd be easier for this to be the first post so everyone can see it so I've closed the other one off (sorry to make everyone jumpa round)....

Here’s my rough draft attempt – knocked out so ignore any grammer type errors, no point polishing a discussion document. And I am open to suggestions or changes.

Mortgage Broker Code of Conduct

Mortgage Brokers are very welcome on this board and are thanked for the time and effort they put in to help users. This site believes that it is always better to use a mortgage broker to get a mortgage than go direct to a bank or building society (see Mortgage Broker article) (LINK TO BE ADDED)
If mortgage brokers want to add a signature about being a broker to their post it should be “I am a mortgage broker, however any posts on here are for information and discussion purposes and should not be seen as financial advice.” There should be no note about the company you work for or any links. Mortgage brokers who choose not to use the signature should not indicate they are brokers in any other way within their posts.

Mortgage Brokers may have a single link to their website in their profiles.

Mortgage Brokers should not tout for business on the boards. They should not do unsolicited PMs offering services. Not should they ever say ‘see my profile for who I work for’ or any such guize. However if a user requests their service either via PM or post then I have no objection to that and the business generated. Any mortgage broker found to be flouting this ‘no touting’ rule will potentially lose their rights to post on the forum (PPR).
To prevent accusations of touting. Mortgage brokers should not simply reply to questions with what essentially boils down to a short answer then a plug for ‘you need to seek advice’. It’s important that brokers aren’t attempting to genuinely help the user with a specific answer, can’t answer the question directly then its best not to answer. There are enough links to where to get info and advice in the forum and the site to enable people to seek advice if they need to.

Brokers should be mindful that non-brokers can have valid opinions on mortgages too, and this forum isn’t a ‘broker-only zone’. I would direct brokers to read this post which details the sites position on advice sadly this site cannot and will not adjudicate on ‘what is good advice’

If brokers are following rules 1 to 6 code of conduct; this site will (resources permitting) be supportive. If posters are trying to stop the flow of information and disrupt it (which includes simply linking to site articles without reason/reasoning) as opposed to simply disagreeing on info or advice the site abuse team will err on the side of brokers.

Let me know - this isn't set in stone - its a suggestion to move forward

herbiesjp · 7 December 2006 at 6:18PM

:j :T Seems good to me

payless · 7 December 2006 at 6:20PM

as my reply was on old thread- I'll copy it -

Martin, can't see much wrong with that-
just a few of initial thoughts:-

As most mortgage brokers are also either IFAs or Protection advisers, perhaps this could be included someway.

On that point, is this the basis of signatures for IFAs / protection only advisers also

Guess we are avoiding the independent / Whole of market/ fees free statements as this just confuses matters ?

MSE_Martin · 7 December 2006 at 6:21PM

Two other quick thoughts

1. Is there any thing we should add to the sig that sort of says "this hasn't been checked" because it enables everyone to add it.

2. I thin we need to understand new brokers may post without reading this. If that happens can i ask regulars to send a polite PM to them suggesting they read the code of conduct (once its up) to save problems.

MSE_Martin · 7 December 2006 at 6:23PM

Payless

1. Yes as there are no checks I dont want to go into whole of market/fees free. The sites view on that is clear and obvious, if people choose to use brokers who aren't either/or then thats their decision.

2. Hmmm let's keep this to mortgages for the moment. Protection only advisers aren't really relevant (as that's more for the insurance board - and lets do one step at a time).

Perpahs IFAs who do mortgages should simply say "mortgage IFA" rather than "mortgage broker" or is it acceptable parlance for them to be mortgage brokers too?

MSE_Martin · 7 December 2006 at 6:24PM

PS. Right Im off to do other things - will check this thread tomorrrow - please lets keep on track rather than rehashing old ground and personal issues

dunstonh · 7 December 2006 at 6:26PM

I think the rules or interchangeable with GI advisers, mortgage advisers and investment advisers.

You can be all of those things or just one of them. However, the board rules would apply to each class well enough. i.e. investment advisers instead of mortgage, read investment product.

kenshaz · 7 December 2006 at 6:27PM

The motive is good ,so we should respect that,greater awareness has been created and let us hope that a change of culture evolves.

payless · 7 December 2006 at 6:28PM

I personally like the
" I'm a mortgage / insurance /investment adviser * FSA ref 000000 "
but guess the appointed reps / employees won't like it
( delete as approp *)

edit crossed with Martin's/ Duns previous post

UK007BullDog · 7 December 2006 at 6:31PM

I am one of the brokers who at times say to those seeking advice to contact a broker. I do it not to tout as I never give my email address, website or other contact details and if you look at my profile you can see there is nothing. I get the odd PM message asking for help. As I do not wish to be seen to take work from this site I tend to reply with basic info and ask the person to contact a broker in their area for proper best advice.

I cannot see how telling people to go to see a broker is bad. Some of the cases here are so complex that a proper fact find has to be done and advice given here should be taken with a pinch of salt at times as the broker does not get the full history.

People should be happy that brokers are here on this website to give pointers and information. I think most people realise that going to any adviser and speaking to them face to face or on the telephone is better than posting here.

I have cut back a lot as well, not so much as I have not been attacked much myself but because seeing how some of the brokers get abused by a few individuals. I have invested a lot of money in my profession and we have to sit exams every year and be signed off as fit and proper. I dont see why I should let myself be abused by someone who clearly does not understand how we work and why we have disclaimers etc.

I also do not like the idea of having posts edited by someone who thinks they know better than I do. The first edited post would be my last post on here. I have knowledge to share, if someone wants to use it fine. If not then just ignore my post.

If you really want to remove any ambiguety on a broker I would not allow a website link or visible email address in the profile.

Brokers should have a tag to state they are brokers/advisers/underwriters etc. This will help those asking for advice that what they read has some merit.

Maybe the board monitors should ask those claiming to be brokers for their credentials?

************************************************

On a more personal note:

I might not be coming back here for a long while. I have received a job offer from a major high street bank which is too good to walk away and will be accepting as soon as the docs hit my welcome mat. I will be moving into a semi management position and also training as an IFA probably specialising into pension investments or lifetime mortgages or even both. I do not yet know if I might return as a tied lender specialist, have to read the small print on that and have to have a chat with the compliance department next year.

payless · 7 December 2006 at 6:37PM

Kenshaz (I'm answering a post thats now changed)

1. The articles are linked on the top of every page
2. I think most people come to the forum, after they see the articles
3. I'm sure users (including yourself) will point out anything posted thats wrong - the articles are a good source of general info, and at times a link to them is in fact all whats needed

Proposed Mortgage Broker Code of Conduct

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