Proposed Mortgage Broker Code of Conduct

MSE_Martin

I will try and come up with a nice font and format.

OK as for what people can say they are. Let me ask the question another way.

I don't want to include 'insurance' in there (it confuses things a bit).

So if we just say mortgage broker. Who does that term not extend to that it should extent to. Could a mortgage IFA effectively not be covered by that description? Or is that passing off/compliance poor?


As for 'regulatory status' rather than 'mortgage broker' status. There are two reasons I would prefer to stick with mortgage broker

1. I think people understand the term better
2. It could imply that I had checked that you were a mortgage broker, but not checked your regulatory status. Whereas this isn't the case

As for the I rather than you. Absolutely

Martin

whiteflag_3

MSE_Martin wrote:

I will try and come up with a nice font and format.

OK as for what people can say they are. Let me ask the question another way.

I don't want to include 'insurance' in there (it confuses things a bit).

So if we just say mortgage broker. Who does that term not extend to that it should extent to. Could a mortgage IFA effectively not be covered by that description? Or is that passing off/compliance poor?


As for 'regulatory status' rather than 'mortgage broker' status. There are two reasons I would prefer to stick with mortgage broker

1. I think people understand the term better
2. It could imply that I had checked that you were a mortgage broker, but not checked your regulatory status. Whereas this isn't the case

As for the I rather than you. Absolutely

Martin

Agreed , given that no advice is actually given, the term "mortgage broker" should be enough to alert Joe Public that your in the business.

Hopefully we can get this knocked on the head asap.

Ps lucky enough to catch Matthew Wright this morning - very entertaining;)

toonfish

"mortgage broker" is fine by me, can't see there's a regulatory issue as this is not an advert or promotion

Leon_W

Hmmmmmm

I like to keep things simple and am all for using one term ie: Mortgage Broker.

The only trouble I have with this is that it does convey an impression of having knowledge of several different companies or lenders. As in the term "Insurance Broker"

There are some excellent advisers here that work for the banks and building soceities who I would find hard to describe as brokers therefore. I would correctly call them Mortgage Advisers.

Does that make sense or is it just me ?

Now I know the problems the FSA had when they dreamt this all up !

Leon_W

Further to the above perhaps it's time to coin a new phrase, a "Mortgage Professional" which alerts readers to the fact that you are involved in the business but doesn't distinguish between "broker" or "adviser"

Regards

whiteflag_3

Does that mean we need to change the "Mortgage BrokerssCode" to the " Mortgage Professionals Code" ................never mind five minutes and im off to the pub:beer:

payless

Happy to go with flow over

does not check my "mortgage broker status"

although if not using "regulatory status" , perhaps just " status" or "status as a broker" is less clumsy

My thoughts on various names were based on people posting on different boards / when you extend it to IFAs

Compliance view - The FSA guide to advisers is very much based firstly on product range : ( 1, 2 or 3 of )
Mortgage
Insurance OR
Investment (financial advisers)

Adding the term independent is only allowed by those advising within certain guidelines (WoM / fee option), and term IFA is usually only used if these are met plus at least an investment service is provided.
--
so if including insurance complicates - and with Leon's good point -
that leaves

Mortgage Adviser for now ??

EdInvestor

Re the signature why not just say something like

I subscribe to the MSE mortgage brokers' Code of Conduct(linked).Comments are for information and discussion and are not financial advice.

Leon_W

Quite like that idea Ed. Keeps it extremely simple.

Regards

kenshaz

EdInvestor wrote:

Re the signature why not just say something like

Yes I like that ,it performs a few functions,and the poster is alerted immediately to the ethics,which adds status.I feel that it is important to give the person information ,they might be new to the site and they could be vulnerable,so the realisation that they are protected by the code is important.