Special Official Note For Mortgage Brokers

AndrewSmith

MortgageMamma wrote:

well we could sit around all day wondering what the FSA would interpret as a promotion - but from my point of view, if you have to disclose your regulatory details on all official documentation, and on your IDD before you advise your clients then why would disclosing your FSA registration details to the general public be deemed as promotion!?

I think there is far too much paranoia from brokers in general about what views the FSA will take on this that and the other if you have decent compliance support then you should not have to worry. How long before the worried brokers are so concerned they quit the industry completely?! I think its all getting a little bit ridiculous, the FSA are not monsters.

I do think that caution is absolutely paramount in such situations as open forums though. Especially as the FSA have recruited teams of inspectors phse purpose is solely to monitor the likes of such a forum as this. You never know but one of them could be posting on this forum right now.

The FSA are not monsters I agree, however they do not suffer fools gladly and where a compliance department emloyed by a broker will always advise and consult regarding potential breaches of regulation and work with the broker to rectify, the FSA will not. They will, if they deem appropriate, simply remove the broker's authorisation pending an enquiry.

I have never yet, nor do I want to, have any kind of run in with the FSA or come to mention it PIA, Lautro Fimbra etc etc. Once it gets to that stage then it usually spells hard work and trouble if you are wrong.

Dont forget they can ban you from ever working in this industry if they see fit. FLouting their rules and underestimating their authority is a very dangerous game to play.

MortgageMamma

Yes yes, I do see your point, but, I think perhaps the FSA should be approached to ask them to clarify further their stance on internet forum discussion where mortgages and related products are concerned.

I have no problem with changing my username whatsoever, I would be pretty sad about it as I like it (remember I am female!) but would only be happy to change my username if other advisors did not lhave their websites OR their busienss email addresses linked to their personal profile. Only then can it be said that none of us are doing this for personal gain, and to a good degree it waters down some of the FSA issues.

AndrewSmith

I dont think it is going to ba a case of 'I will do it if he does' as I think Martin is going to decide based on the content of this thread what the way forward will be. If we dont comply with what he suggests then he simply wont allow us to post.

For whatever reason someone (and I am pointing no fingers here), I dont know who and I dont care quite frankly, has been stepping over the edge regarding the statements made in their posts or in their signatures regarding contacting them and their status etc which has forced the hand of the forum to take a very serious and compliant look at things.

I actually, taking into account some of the issues raised in this thread, think that for reasons of self preservation we should be welcoming this overview and rather it be Martin enforcing these issues upon us than having the FSA on the phone dealing with it their way.

Regarding email addresses I think the majority of us, you included (Phoenix IFS), use a work email address in our profiles. My own personally is simply to separate emails from MSE from my day to day emails (hence I use mse as the prefix).

Let's throw this point open to the others and see what the consensus is?

HelpWhereIcan

MortgageMamma wrote:

but would only be happy to change my username if other advisors did not lhave their websites OR their busienss email addresses linked to their personal profile. Only then can it be said that none of us are doing this for personal gain, and to a good degree it waters down some of the FSA issues.

Although I feel that comment smacks of taking your bat home, I am sure we would all be fine with doing that.

As Andy says. do not assume that people's posts are aimed at you. After all, that is not what this thread is about.

What info does MARTIN think appropriate to be shown visibly on the forum is the question.

I will quite gladly remove everything from my profile and post anon as I have for years elsewhere if that's what Martin decides on.

I think it has been useful for Martin to help MSE'ers find out who is posting from experience, but feel that him starting this thread may be an indication that he feels that 'self regulation' has not worked and has, on occasion been abused.

dunstonh

I have never yet, nor do I want to, have any kind of run in with the FSA or come to mention it PIA, Lautro Fimbra etc etc. Once it gets to that stage then it usually spells hard work and trouble if you are wrong.

As I said earlier on this thread, I have and the outcome was fine. However, the guidence was that in future put a disclaimer in that the comments are made for discussion purposes and are not financial advice and make sure your posts are generic and you do not suggest/recomend/promote a product.

OR their busienss email addresses linked to their personal profile.

I didnt post any contact details in my posts. The PIA found me from the email address that was used on my account.

MM, your name isnt going to cause any issues. However, the fact you are a mortgage adviser just means you have to take care in how you post whether it is for gain or not. You dont stop being a mortgage adviser because you post at night or weekends under a false name.

AndrewSmith

HelpWhereIcan wrote:

I think it has been useful for Martin to help MSE'ers find out who is posting from experience, but feel that him starting this thread may be an indication that he feels that 'self regulation' has not worked and has, on occasion been abused.

I think that this is the main issue and my understanding is that this has come about by some signatures and posts containing almost blatant invitations to contact the poster, and self promotion or recommendation of their services.

I have been PM'd by some posters of late who feel that the mortgage and housebuying forums have become almost like game season with vultures circling overhead, and have been asked if it is common practice for posters to get PM's offering help etc

I AM NOT POINTING ANY FINGERS at this point as I have no more an idea who this refers to than anyone else, and quite frankly couldn't give a damn who they are. It just shows desparation to obtain business and does not display the sort of professionalism required to do this job effectively.

I am not saying I agree with this as I am not in a position to comment given the fact that I have been posting a lot less lately. However simply relaying comments I have received, which have led me to my current way of thinking.

Consider that if posters are PMing me and others with these sort of comments then surely it would stand to reason that they have been compaining to the moderators or even Martin himself?

But all that said, at the end of the day there is little that we can do about it and will just have to accept whatever Martin decides to do regarding user names, profiles, signatures etc.

HelpWhereIcan

I do feel I have to add that I am not pushing for MM to have to change her username- I have no strong opinions on this one way or another.

I believe the main thing the FSA will be bothered about is if anything comes under the remit of MCOB3 (advertising & promotions) introduced in November 2004 with mortgage regulation.

With this in mind... although dunstonh and I may disagree on the finer details of how wise it may be for an adviser to employ a username that conveys some kind of expertise (NOT aimed at you Lisa); I am sure that we all actually agree on the fact that the FSA may not have any particular requirements, but will expect us to exercise due caution in any posts and restrict them to generics where possible.

Therefore, I actually think it must be up to Martin and MSE'ers to have the final say on what they deem to be advertising or self promotion in signatures. If they extend that to include usernames, avatars, email addressess, web links, profiles etc etc, then so be it.

On this forum I am a (very bad) moneysaver first, adviser second.

Perhaps if i concentrated more on being a good money saver, I wouldn't have to work so hard at being an adviser giving me more time here to learn how to be a good moneysaver. :rotfl:

MortgageMamma

Well, I'm pretty exhausted and confused trying to think about this, and, so I'm not perceived as one of these "vultures" I am going to remove the mortgage broker part of my signature.

I am confident in the fact I am not breaking the site rules in any way shape or form, as I do not link my business website to the forums, or PM people "hunting" for business - I turn most MSE'rs that approach me away as I simply do not need/have no capacity to take on anymore than I'm already doing without compromising my family.

I too have started to post less and less on this forum, simply because I am sick and tired of having forum members accuse brokers in general of being here for personal gain. I'm beginning to see exactly why SS left it completely now.

AndrewSmith

HelpWhereIcan wrote:

I do feel I have to add that I am not pushing for MM to have to change her username- I have no strong opinions on this one way or another.

Before I am wrongly accused, this is also my standpoint which I made earlier in this thread, however things sometimes get ignored.

And to re-iterate another point:

My comments are aimed at no one individual. Again before I can be accused of otherwise.

kenshaz

I just want this site to maintain it's stance on profit,maintain the friendly person to person feel,which I believe is unique because of the original ethics.The comments of some have highlighted erosion. I do not wish to be specific or personal.