Special Official Note For Mortgage Brokers

MSE_Martin

I go with no disclosure - I dont want liability in any way - and dont think its appropriate.

What do people think of andrews model (i think some tweaks needed) but I really want this to be a consensus between us all

MortgageMamma

Yeah it sounds OK, but I think the "usual sales spin" bit needs removing, as I'm not sure what this is referring to

I also think no disclosure is the best way forward

Edinburghlass_2

*tiptoes in* As regards the forum rules no users are allowed to put something in their signature which suggests that other users look at their profile for a website that might bring the said member personal gain.

Just a point while you are all thrashing this out

AndrewSmith

3rd time lucky.

What tweaks do you think then Martin?

MortgageMamma

Yep I like that one smiffy

jamesd

The signatures became obnoxiously long, and reflecting commercial rivalry, so I like the short form.

I don't want to see company names in the signature.

I don't want to see "whole of market" in the signature because I consider this to be inherently misleading, since it can mean merely the FSA definition.

I do want to see some indication of the approximate percentage of lenders who the broker has available, since that helps to assess their position and views. I'll trust the other brokers to expose deception.

I do want information about the company as an optional item but not in the post signatures. Perhaps optional information under "occupation" in the interests, so it's there but not cluttering up the boards. It's a useful disclosure of interest.

I do like to see, perhaps in profile, some indication of the fee structure (fees free, etc), since it assists people who may wish to seek the assistance of one of the regular posters here. It's inevitable and healthy, in moderation.

I find replies by brokers with enough information to narrow down possible product choices, which then say only "I think this can be done, contact a broker" to be more tease than helpful. Where there is enough information to give some clue I'd like to see at least some indication of possible vendor or vendors accompanying the see a broker suggestion, recognising that without full information it's an imperfect process. I find it really useful to learn more about the lender policies and practices through this sort of mention.

AndrewSmith

I agree Jamesd

herbiesjp

dunstonh wrote:

The FSA compliance message is a standard wording though MM. If you give any indication of personal contact or link, then you should use the standard wording. If you are posting informally and not giving advice then you just need a "this is not advice" type warning which most of us already carry.

I dont mind going with full disclosure if required. Although I would be a little wary. I was reported to FSA once for a post I thread i contributed on in the uk.finance newsgroup and had my real name on it. The complaint wasnt upheld as the person had copied and pasted comments from others and edited the posts. Plus the subject was generic discussion and not provider specific. It went down as a spurious complaint. But it did give me a crash course in what is and isnt allowed to be said

You beat me to it dunston!

I was going to raise this exact point. On that basis I think that non disclosure would be better

Glad it all got sorted out:T

AndrewSmith

Here's my new signature:

WHAT THE HELL DO I KNOW? I'M ONLY A BROKER !!!!!
SEE THAT BLOCK, IT HAS MY HEAD ON IT. BASH AWAY YE BROKER BASHERS I DARE YE

KIDDING !!!!!!!!!!!!!!!!!!!

MortgageMamma

Hi James

Whilst your comments are quite valid and as useful as anyone elses, you usually find that if a broker says, "yep I think this can be done, see a broker" the reason behind it won't be to tease or to entice the forum member to seek advice from themselves personally, it is simply a responsible statement, as no broker wants to cross the boundaries of giving actual advice on here, without knowing all the facts and client details.

Mortgages are very complex and diverse products and the slightest bit of information missed before making a recommendation or "suggestion" to a forum user can send them barking up the wrong tree and be more detrimental than helpful.

This is why, sometimes, we draw the line and say no, I won't say for definate 100% that this is the right thing for you to do, you need to see a broker and have your details fully assessed. The average mortgage fact find is 12 pages long - you can't possibly have all those facts disclosed on a forum...

Sorry don't mean to rant my friend, just wanted to clarify