Proposed Mortgage Broker Code of Conduct

MSE_Martin

Why a sig.

Because it is appropriate that mortgage advisers can say who they are. And people value knowing who they are dealing with. Plus this site specifically suggests going to a broker rather than a bank direct. People appreciate the broker imput. The truth is we are trying to codify the existing arrangements - lots of brokers have sigs - i want to standardise it.


As for other advisers. It's a separate issue - i would like to deal only with mortgages.

Martin

EdInvestor

It is difficult.

On the one hand, the proposal seems to suggest that these people are somehow "official" with a styled signature, and Code of Conduct.But then when you read the small print, it says the site doesn't vet them, and they could be anyone really.

I can't help thinking a newbie might be quite confused.

:huh:

Could you perhaps put the vetting disclaimer as the top point of the Code of Conduct, so that when they click on the link to the Code, that's the first thing they see?

That might get around it.

regularsaver1

Yes I think it looks like those are special, we are ordinary

but at same times I understand the reasoning.

There are many mortgage advisers's one here also so they cant have sig at bottom

MSE_Martin

OK I THINK ED and RS1 have a valid points, it does on first glance look like approval which is worrying for an unchecked sig. So I propose changing it to.





I am a Mortgage Adviser

You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.

Leon_W

The Bear

I appreciate what you are saying. I post on quite a few different boards all over the internet about various different things and don't feel I need to quantify who I am and what I do, but those boards do not pose a financial risk to the readers of it.

This board is specifically about mortgages where an obvious risk does exist, and I think to keep things fair, and above board to the readers of it, we should (as brokers) declare ourselves. This will help prevent (not eradicate) more scurrilous brokers posting as individual private posters trying to drum up business.

I think such actions are plainly visible over a period of time and would be addressed by the mods. I would also add that anyone who posed as a broker by just adding the brokers signature would get found out pretty damn quickly as there are some pretty clued up brokers here.

I don't think that your point about L & C is particularly relevant here as no-one from the company gives their opinion on the boards (as far as I am aware).

I hope this helps you see it from the mortgage advisers point of view a little more clearly.

Regards

gazza975526570

From an impartial point of view i think its clear and not misleading. I think everyone will understand the situation if you go with this sig.

Leon_W

Yep, I can see how the longer version looks like some sort of endorsement, which as our status is unchecked, should not be the case.

With that said, your latest version seems fairer.

Regards

Edit*
Crossed posts gazza but you have hit the nail on the head. It IS important that it is clear and not misleading.

MSE_Martin

Now the most important question.

Should code of conduct be capitalised or not?

PS

Im going to try to enact this officially on Monday. So any final thoughts, tweaks you've got till then to get them in.

Martin

kenshaz

I would just like to confirm that the signature will contain a link to the code of conduct .The reader needs easy and quick access,if they are not familiar with the site , a link would be beneficial?

I am also aware that some work for the financial institutions as tied advisers ,what is the situation in respect them ,do they go under the one heading or will they not require a signature?

Because in some respects a tied financial adviser will be more able to give technical insider advice on a specific product and remain impartial as they will not be in a position to take work from an introduction on this site.

MSE_Martin

Hi Kenshaz

I need to talk to my forum team about whether there is a link to code of conduct and how its done. A link in sig is always open to abuse. So i want to see how and whether it can be done.

As for tied advisers, we've used the term mortgage advisers. The whole point in a way is its self-defining by those who work professionally in the industry. The less we descriminate on a term which the site won't be regulating anyway the better.

Martin