Special Official Note For Mortgage Brokers

payless

would not surprise me if we have not had a few on here already

payless

.. on that thread I did put ( some of us.. now changed to some brokers)... the "US" was aimed more at CTA as a gentle hint towards his "then" signature, than at the OP

Joe_Bloggs

@Payless
Can you clarify the Joe Bloggs reference you made aeons ago. Am I an FSA exemplar or just a scape goat?
J_B.

payless

Was waiting for that :

Joe Bloggs commonly used solely as a placeholder name ( by me in that occasion , not sure if FSA do the same... although don;t belive there is a firm or individual registered in that name )

Joe_Bloggs

I know my place. I feel like a stooge.
J_B.

ctabuk

And cta took the hint and changed his sig -Cheers David

Arch-Angel

silvercar wrote:

Now look at the thread "I want a whole of market advisor who won't charge me" here

http://forums.moneysavingexpert.com/showthread.html?t=266318

and judge which comments are offering generic advice and which are subtely touting for business and where you draw the line.

I accept that the OP is asking to be contacted and indeed specifically says so in a post on the thread.

And what if you know who some of the whole of market advisors are on here, regardless of signature?

Are you able to PM one of them etc in order to make first contact with your desired broker? Of course "formal" contact has to be made - but how does someone make contact with a username which they only know on here?

Of course that brings up the question "how can you trust a username to act as your broker?" Provided that during the "formal contact" stage - i.e. after the initial PM - all the relevant documentation is passed to the prospective client then this aspect should be covered. But then what relevant documentation is there?

Yes I know - far too many questions!!! But unfortunately questions that do need answers. Can a broker obtain - not generate, obtain with no pro-active activity by the broker - a new client from his/her presence on MSE?
I don't mean formally advise via the MSE forums or by PM - rather a request along the lines of:

Client: "Can I approach you formally to act as my broker?"
Broker: "Yes, but you must make contact via commercial website/company phone number etc."

Can this be done? Or will the broker find him/herself in trouble with the FSA??

herbiesjp

As long as contact is initiated by the client i do not see a problem provided:

1) Adviser is happy to conduct the business or wants the business
2) Adviser follows correct FSA procedures

Joe_Bloggs

Thanks to payless for mentioning the fs-cp link. I don't suppose those that who serve on it can be subject to the whims and fancies of the FSA. I may be and probably am wrong in this and many other matters including conflict of interest aspects.

I think I got up to who decides what the FSA rules are. Is there a system of review ? Who decides the rules, who gets to decide who decides ?
J_B.

payless

http://www.fsa.gov.uk/Pages/About/Who/index.shtml might help