Is my mortgage broker dodgy?

dunstonh

Good for you. Hope its sorted now.

MortgageMamma

AndyWallace wrote:

I hate comments like these.

Looking at what seems to have happened might indicate pressure tactics. But you are quick to mention other people's sweeping statements yet often make them yourself.

Andy.

I think my feelings are fully justified in that the adviser has behaved badly and in an uncompliant manner, It is people like the adviser in question that let the rest of us down and give the industry a bad name. But I will maintain my original opinion that just because someone does not charge a fee does not mean they will pressure sell insurance. I can live quite comfortably off proc fee's alone, if you are good enough, you can.

AndyWallace

The comments certainly lend themself to that way of thinking. Your reputation however, is built from the ground upward and shouldn't affect you personally.

Andy.

HelpWhereIcan

It is ridiculous that there should be any question over whether or not this adviser needs to be reported. Of course he should - at the very least so he can review his procedures.

The FSA has already stated that they believe that the major regulatory risk in mortgages comes from small firms.

I would qualify this further by adding that I think that it is really some Directly Authorised one-man-bands that have never previously worked under a regulated environment. Of course I would, I am an AR with an IFA background and have been working under the FSA etc for 12 years.

There is no way that one person could run a business, write mortgages and protection AND keep up with compliance if they have no experience of the FSA and their requirements. You just have to look at the number of uncompliant ads in the local press and yellow pages to see an example of why this is true.

This guy will be of the 'old school' who thinks of conditional fee agreements as neccesary (and enforcable :rotfl: ). He may not be aware that his IDD is so far out and that the FSA takes a very dim view of conditional fee agreements.

Whatever his intentions, the worst of his behaviour was the indimidation. Whether he or others think it was intimidation or not is irrelevant - the customer did and that is what the FSA will care about most.

IMO he should be reported, not neccesarily so he can be 'run out of town' but so at least he can be forced to reassess his procedures and join the rest of us in a regulated environment.

AndyWallace

HelpWhereIcan wrote:

It is ridiculous that there should be any question over whether or not this adviser needs to be reported.

Not trying to be rude but because you were not privy to any of the actual goings on in this instance means you, like MM, are not qualified to say this.

Andy

PS - I have never been subjected to a complaint myself, so I speak as an unbiased observer.

AndyWallace

Sorry HWIC.

I do agree with everything else you say.

toonfish

hopefully he will learn his lesson anyway - I'm not one for "telling tales", especially when the situation has been satisfactorily resolved and we have only heard one side of the story.

MortgageMamma

Well quite frankly I think his conduct is appalling, and I think he should be reported for it. The fact he's tried to intimidate a client speaks volumes about him on a personal level and someone who behaves in such a manner is truly unprofessional. We've been regulated long enough for anyone who is regulated to learn and implement the rules, god knows there is enough information out there in the form of fsa newsletters, factsheets, website, mortgage networks, mortgage clubs, mortgage press, lender updates etc - Its very likely this guy knows he's on dodgy ground, unless he's been living under a rock for the past two years. I expect he's someone who really doesn't care if he remains in the industry or not, and is in for a quick killing with every client.

Andy I really do not see what your point is when objecting to my earlier comments.

Conrad

AndyWallace wrote:

A good adviser will ask these types of questions and recommend the options available. He will record details of this conversation on his fact find, or may even have a seperate insurance/demands and needs fact find. The broker may even refer you to somebody more qualified than himself.


Andy.

A good adviser recognises that his clients come to him for mortgage advice and that to be fully abreast of the mortgage landscape he must dedicate all his time to that one endeavour.

At the same time he recommends the clients takes protection advice from a dedicated specialist who focus's all his time and energy on the protection landscape.

Your Doc doesnt sell life insurwnce even though he is well placed to advise on the consequence of illness.

The JACK O ALL TRADES advisers are a breed in decline, steer clear of these Commision Crows.

Again to address protection needs properly and competently is a full time occupation.

Conrad

Rick62 wrote:

Conrad, please stop posting defamatory posts.

The vast majority of mortgage advisors of all types are straightforward and honest. A few have still slipped through the net who are not, who are not clear about fees and may be driven by commission rather than the clients best interests. These are found in both fee charging and fee free brokers.

This is very wide of the mark folks.

Look I spent years as regional director at Countrywide Assured. That firm is exactly like all the other life assurance focused mortgage salesforces.

Its all about life commision production, to deny this is deny the grass is green.

Go to any mortgage sales conferance run by any of these organisations and you will see a great deal of time is spent on 'rewarding' those who sell the most insurance. You will see a culture completely focused on this objective.

Note how all the large networks display thier protection commissions as 'unique sale points' to entice more members.

Commision Crows, the lot.

Commision and advice dont mix.

Imagine your Doctor was entirley remunerated as a result of selling potions and lotions. How do you think this would alter the quality of the advice.

Cmon guys get real please