Proposed Mortgage Broker Code of Conduct

UK007BullDog

MortgageMamma wrote:

That is true, which is why I am one of the only advisers on here with the balls to name lenders. I have a disclaimer under my name, and I always encourage a forum user to take professional advice, but I will always give a lender name if asked - because I believe in freedom of choice - I think its unfair not to give a lender name, its like teasing a child in a pushchair with sweets.

I know I'm going to be jumped on by the don't name lenders brigade here, FSA blah blah blah - but I am posting in an unregulated context and I don't think that naming a lender that MAY look at a users circumstances is something that you can get in a lot of trouble for - yes DH I know what happened to you - but that was not with mortgages it was investments, a speculative product.

This is not intended to get anyones back up, its just my way of doing things

Well I disagree on this point. Because I could mention half a dozen lenders and by not knowing the full background the person asking might try all these lenders and be unsuccessful and as such damage his credit record as the searches will all show up. I don't think this is good for the person asking. It also costs them a lot of time to keep reapplying lender to lender.

UK007BullDog

dunstonh wrote:

1 - Advisers dont stop being advisers just because its out of hours. There is a duty of care to act within the FSA rules whether you are posting in a professional or personal capacity. The FSA see it is one the same in our case.
2 - Discussion is great and should be encouraged. However, at no time should products be recommended and discussion should be generic (the generic bit can be ignored as that only relates to tied agents. Factual info on products is ok).
3 - Do not use the term recommend or advice or post in a manner that gives the impression that it is advice. If someone appears to be taking it as advice, make it clear that it isnt.
4 - Every post you make should contain a disclaimer (as mentioned on this thread).

Compliance departments look at the rules in different ways but there is a lot of common sense in those rules. Martin has drafted the rules to protect himself but advisers also have a duty to protect themselves.

Dunstonh:

You are so right. I have spoken to some other "advisers" and they are not even allowed to go on the internet to post anything at all. Their networks are so afraid of being slapped with a fine by the FSA.

I am sure you have read the latest news on the FSA website and seen how many brokers have been slapped with fines and closed down. So really being on this board could be very dangerous. I also know that some of the advisers on here are also on the mortgage broker board with the fruity name ;-) so its quite easy to trace people.

That is why I very seldom mention a particular lender.

mishkanorman

This thread seems to high-light perfectly why Martin feels it necessary to introduce some kind of code,

Ive never read so many squables between 'adults'. I would imagine if you could all stop trying to be superior to one another the advice available would be incredibly helpful.
Im not trying to insult anyone here but seriously take at look at yourselves and the way in which you respond to each other, maybe rather than quoting and correcting each other you could respect that maybe the other person does have a valid point, be it a different one to you.

Sorry if anyone feels its not my place to say this, but as an outsider to this board it makes you guys all very intimidating.





mishka

MortgageMamma

UK007BullDog wrote:

Well I disagree on this point. Because I could mention half a dozen lenders and by not knowing the full background the person asking might try all these lenders and be unsuccessful and as such damage his credit record as the searches will all show up. I don't think this is good for the person asking. It also costs them a lot of time to keep reapplying lender to lender.

With the exception of date of birth, address, account numbers and other personal info, what could not be discussed on the board that you would note in a fact find? Property type? savings ? current levels of insuranc? how many jobs they have had in the last year? last three years net profit? All these things can be talked about on the boards.

If you ask the right questions and get accurate answers then any educated advisor could well name a lender. for those that do not wish to that is their choice, and they do this for their own reasons, but I for one do not believe I would be penalised for suggesting a particular lender, or number of lenders COULD potentially help. along with the right disclaimer, seek advice, mind your credit rating - by the way this is not advice. blah blah blah Tell me, perhaps I am a little ignorant on this - but HOW COULD the FSA reprimand for that??

MortgageMamma

mishkanorman wrote:

This thread seems to high-light perfectly why Martin feels it necessary to introduce some kind of code,

Ive never read so many squables between 'adults'. I would imagine if you could all stop trying to be superior to one another the advice available would be incredibly helpful.
Im not trying to insult anyone here but seriously take at look at yourselves and the way in which you respond to each other, maybe rather than quoting and correcting each other you could respect that maybe the other person does have a valid point, be it a different one to you.

Sorry if anyone feels its not my place to say this, but as an outsider to this board it makes you guys all very intimidating.





mishka

I agree - why does it feel like everyone's trying to get one over someone else?

MortgageMamma

dunstonh wrote:

If you are whole of market, I can see no problem with a provider being mentioned as long as you dont use the magic words "I recommend" or "i advise you to". I usually say something like "I suggest you research..." or "I suggest you take a look at xzy company as part of your research".

WOM & DA -Guess thats where I'm advantaged compared to some others then. But not for long. Home of Choice will be visiting in coming weeks :-) I guess I'm going to have to learn to do as I'm told now.

kenshaz

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mishkanorman wrote:

This thread seems to high-light perfectly why Martin feels it necessary to introduce some kind of code,

Ive never read so many squables between 'adults'. I would imagine if you could all stop trying to be superior to one another the advice available would be incredibly helpful.
Im not trying to insult anyone here but seriously take at look at yourselves and the way in which you respond to each other, maybe rather than quoting and correcting each other you could respect that maybe the other person does have a valid point, be it a different one to you.

Sorry if anyone feels its not my place to say this, but as an outsider to this board it makes you guys all very intimidating.

---

Welcome the code ,and your points are welcome , non brokers are in the minority on this thread,and your observations are I hope being considered.

I stated in response to your earlier thread that your points of view are sincere and welcome ,there are no on-go areas on this and Martin has stated that non-brokers are welcome to comment.

Some of the discussion on this thread has been an overspill from another thread ,unfortunately ,finer points have been debated.

dunstonh

MortgageMamma wrote:

WOM & DA -Guess thats where I'm advantaged compared to some others then. But not for long. Home of Choice will be visiting in coming weeks :-) I guess I'm going to have to learn to do as I'm told now.

As long as you avoid the Personal Touch network. They are the biggest bunch of incompetents ever. Their compliance dept doesnt have a clue. They are not my network but I act as investment consultant to two IFAs that use PT. I have had to get their advisers to tell them in the last few months that non taxpayers cannot claim tax back on unit trusts unless its interest. CAT standards were abolished for ISAs and only exist for mortgages and that comparing Pearl 5% projections on SMPI basis against 5% on Monetary growth basis was fraudulent. They didnt know what the difference was between monetary growth basis and SMPI basis was.

Sorry if anyone feels its not my place to say this, but as an outsider to this board it makes you guys all very intimidating.

Do not assume everyone on this thread is a mortgage adviser. Many are not. The issues of the last week or two are not usual for this forum so dont judge it just on that.

MortgageMamma

DH I'll drop you an email to talk about this further if its ok, so we don't go too far off topic. I've been talking toa lot of networks and PT were on the list for next week. I'd value your opinion on those that you know of, as the only help I've really had is from the fruity mortgage broker site comparison board. As you can imagine I've taken a big step and its all very daunting for me - I need my hand holding for once!

mishkanorman

[QUOTE=.

Some of the discussion on this thread has been an overspill from another thread ,unfortunately ,finer points have been debated.

[/QUOTE]


It does feel like being sat in-between a couple in the middle of a messy divorce


mishka

PS

Thanks for the welcome :beer: