Bad broker or client?

kenshaz

Cute_n_Quirky wrote: »

What has that got to do with anything? Or you for that matter?

Oh and by the way, the med neg was not against me, I am taking my GP for medical neg.

Off topic and your response does not appear to have the same sentiments as your signature

Cute_'n'_Quirky

moremoney27 wrote: »

Hi, thanks for all the replies. As for questions I have been asking him, they have been along the lines of 'how much would that particular deal cost over 30 years instead of 25?'. 'have you had good experience with this lender?' (as I had never heard of them. He seems to have a bee in his bonnet about what is best for me which I don't fully understand. From the start I have said I want a 30 yr deal with a 2 year fixed period. He has never once sent me anything like that. He just told me I could afford a 25 year deal so I should go for that and a 5 year fix is a better idea. He might have a point, but I am budgeting around other areas of my life and so on and so specifically want a 30 year deal, I am flexible on ideas of how long to fix for, but he hasn't given me a reason as to why my reasons for 2 years are so bad. I haven't been mentioning other deals and so on. But he recommended one deal to me so I went to the lenders website and read up on them and some of their statements seemed to contradict his advice so I thought I would ask, he seemed rathered annoyed at this. I want to include tax credits in income and he assured me I could with a particular lender, but on their website it said you couldn't, when I asked him he just said 'their form says state your total household income, so you can include it'. But I am afraid I didn't feel confident in that and I did ask him to source a different deal, which he did. I can appreciate he might feel annoyed at my doing that one, but I didn't want to enter into a deal with a lender with any fear of not following their rules and so on.

Your Mortgage Adviser follows the rules laid down by the FSA.

This requires him to give you "best advice" for the "suitability" of any product to you as the client. This is where his skill and expertise as an Adviser come into the equation.

"suitability" of the product" specifically to yourself as the client and "best advice" and what you think are best for you might be two different things! He is supposed to explain to you why he made his decision for suitability and you will have been given a "suitability" letter after his decision was made.

kenshaz

Cute_n_Quirky wrote: »

Your Mortgage Adviser follows the rules laid down by the FSA.

This requires him to give you "best advice" for the "suitability" of any product to you as the client. This is where his skill and expertise as an Adviser come into the equation.

"suitability" of the product" specifically to yourself as the client and "best advice" and what you think are best for you might be two different things! He is supposed to explain to you why he made his decision for suitability and you will have been given a "suitability" letter after his decision was made.

Why shouldn't you question ,he/she has not got a monopoly on intelligence.I am afraid those who sell services are going to have to get used to searching questions.The medical profession,accountants,lawyers,are dealing with more sophisticated clients ,get used to it,long gone are the days when you stood in awe ,and believed that no one should be questioned.
I am sure that the FSA would wish you to continue making informed decisions to enable you to compare information.
This is not a paper exercise as some who have undergone recent training appear to believe,it is mutual communication and an understanding of the clients individual needs not just suitability and a letter.

Cute_'n'_Quirky

The point being, Kenshaz, that whatever the client "demands", if that demand is not at all satisfactory from an affordability/security aspect then it must not be considered.
Indeed, the Mortgage Adviser would be in severe trouble with the FSA from a Compliance point of view. This Compliance is applicable to ALL Mortgage Advisers, however long they have been in practice.

homer_j_3

Cute_n_Quirky wrote: »

Your Mortgage Adviser follows the rules laid down by the FSA.

This requires him to give you "best advice" for the "suitability" of any product to you as the client. This is where his skill and expertise as an Adviser come into the equation.

"suitability" of the product" specifically to yourself as the client and "best advice" and what you think are best for you might be two different things! He is supposed to explain to you why he made his decision for suitability and you will have been given a "suitability" letter after his decision was made.

So why does that stop the adviser justifying the advice that they have given and more importantly for the client why they have discarded the requirements of the client.

To me, if a client wants a 2 year fix, providing I am satisfied that there are good reasons for them wanting a 2 year fix and I have explained the other options available to them, then they get the most suitable 2 year fix to meet their situation.

If my client wants a 30 year term and understands the impact of having the term of the mortgage for 30 years in say comparison to 25 and still wants 30 years then thats what they get.

I feel that the issues that the poster is having here is what I find with a lot of brokers in my area, they feel that they can fully understand and assess their clients needs in a short period of time. I think that in this instance, the broker has made some assumptions and is now getting twitchy with the questions being thrown at them.

My advice would be to speak to your adviser and cleary explain why you want a 2 year fixed deal and for them to answer all your questions to your satisfaction. If they feel that they cannot do business with you then that to me would say you have had a lucky escape before you have been royally screwed! If they do answer to your satisfaction then at least you can feel more easy about what is going on.

Cute_'n'_Quirky

homer_j wrote: »

So why does that stop the adviser justifying the advice that they have given and more importantly for the client why they have discarded the requirements of the client.

I did not say that it should stop the client justifying the advice given!

JoeK_3

You know, we're all going round in circles without even knowing the full background to this thread.

I asked a number of questions to the OP day's ago without response from them.

Reading between the lines I get the feel that this is a self cert mortgage and that's why the adviser is twitchy with the client.

Can we have the details of your house value, deposit, mortgage amount and income?

JoeK

homer_j_3

What I was trying to get across is that what the adviser has done cannot be justified by your suitability response.

Don't get me wrong, I am not arguing with you here but you did state that "what you feel is best and what the adviser feels is best are 2 different matters". This can be correct and is often a statement of fact but putting into the context of the post - the client has not understood why the product is suitable so therefore the adviser has not done their job.

Initial Disclosure Document statement says something along the lines of "Once we have fully assessed your needs we will make a recommendation...etc" Apologies if its not word perfect but I do not have an IDD infront of me.

The fact that the poster is on here saying that she doesn't understand why 2 year fixed rates are worse than 5 or that the client knows that they need to factor in other things that are going on in their life and the adviser has not considered this from the recommendations made are clearly in breach of everything the FSA stands for. The clients needs have not been fully assessed here.

It is very difficult to say whether the advice given is correct or incorrect as we do not have all the facts that they will, however, it would indicate from here that FSA rules are not the reason why the client is in this prediciment.

kenshaz

The basis of the discussion is that advisers are and should be providing what the client wants to suit his needs,with the options being explained.I feel that Homer-J an experienced adviser recognizes that.

Whilst we have the non-adviser Cute 'n'Quirky stating

---

The point being, , that whatever the client "demands", if that demand is not at all satisfactory from an affordability/security aspect then it must not be considered.

The original poster had no problems with affordability or security ,therefore give him/her what they want to suit their needs.

We all understand our own circumstances ,wishes and aspirations,no adviser is going to fully comprehend the inner most wishes of an individual ,so give them what they want and can afford and listen,an analogy would be the difference between a scarf and a made to measure suit.The individual has to try the suit on and when he has done,how would we feel if the tailor said ,''But Sir.I measured you and my information is exact ,the suit will fit you and I will hear no more about it,I am the professional.

Cute_'n'_Quirky

homer_j wrote: »

What I was trying to get across is that what the adviser has done cannot be justified by your suitability response.

Don't get me wrong, I am not arguing with you here but you did state that "what you feel is best and what the adviser feels is best are 2 different matters". This can be correct and is often a statement of fact but putting into the context of the post - the client has not understood why the product is suitable so therefore the adviser has not done their job.

Initial Disclosure Document statement says something along the lines of "Once we have fully assessed your needs we will make a recommendation...etc" Apologies if its not word perfect but I do not have an IDD infront of me.

The fact that the poster is on here saying that she doesn't understand why 2 year fixed rates are worse than 5 or that the client knows that they need to factor in other things that are going on in their life and the adviser has not considered this from the recommendations made are clearly in breach of everything the FSA stands for. The clients needs have not been fully assessed here.

It is very difficult to say whether the advice given is correct or incorrect as we do not have all the facts that they will, however, it would indicate from here that FSA rules are not the reason why the client is in this prediciment.

We were not given all the facts so we cannot assume what the Adviser is or is not doing!

As JoeK says, the OP has not added any information.