Take extra care when using brokers at moment

HelpWhereIcan

silvercar wrote: »

Why is height linked to ability?

Nothing to do with ability ... small people are just easier to kick in the air if they mess up

HelpWhereIcan

Ian_Griffiths_Halifax wrote: »

Hands up all those advisers who think this case would go through if the client went direct?

Hands up all those advisers who may think that knowing this may be one reason lenders are looking to have more direct control over applications at the mo.

People like the broker mentioned who wanted to use fast track as self cert are the reason that lenders who are concerned about business quality at the moment are taking a backwards step by controlling applications in house.

With no broker to present the application and argue a decline they also have a greater ability to cherry pick.

Ian_Griffiths_Halifax

You can tell it's Friday :rotfl:

Tiddler_2

I've just got a couple of thoughts on the dual pricing & the TCF arguments that have been raised on here.

Do you think that the Dual Pricing is a prelude to lenders turning round and reducing proc fees further? Would you prefer to be able to offer the same or very similar products to the direct deals but with no proc fee or a smaller proc fee than the current levels?

I can see the lenders yurning round and saying - you can't have it all ways!! You either accept a lower proc fee and have access to the products or no access to the products!!

Secondly on those quoting TCF as a reason for sending customers direct.

Prior to dual pricing, if you were charging a broker fee on completion, did you say "This is the best product, but if you go direct you wouldn't have to pay me a fee" ?

Surely that is the same argument on TCF?

Final point on a slightly linked subject - Do you think that all lenders should pay the same standard proc fees no matter what the type of deal (e.g BTL, Adverse, Offset, etc) I appreciate some of the volume payments may still be kept, but just referring to standard fees here.

dunstonh

toonfish wrote: »

It looks like the FSA are finally taking an interest and we shall see exactly how serious they are about "treating customers fairly"

FSA have said that brokers do not need to send clients direct. They only have to offer the best from what is available to them. (this weeks financial adviser magazine)

Dan_Collins_2

I dont care anymore! I will be offering what I have and if they find a better deal then I will tell them to take it. I cant afford to not write business for the rest of the year!

Our network are saying TCF says we should, as ever FSA say the opposite! Its all a joke, the lenders will do what they like. They dont give a damn, they stuck two fingers up at Mr Brown, why would they change because a few brokers may go under??

Anybody got a bottle oipener?? I off to the fridge! :beer:

Ian_Griffiths_Halifax

HelpWhereIcan wrote: »

Hands up all those advisers who may think that knowing this may be one reason lenders are looking to have more direct control over applications at the mo.

People like the broker mentioned who wanted to use fast track as self cert are the reason that lenders who are concerned about business quality at the moment are taking a backwards step by controlling applications in house.

With no broker to present the application and argue a decline they also have a greater ability to cherry pick.

There is a place for Self Certification mortgages and another for Fast Track. I agree, this broker used the wrong lender and wrong type of mortgage.

Dan_Collins_2

I think fast track should be banned and self cert changed to self declaration.

aliwali

Ian_Griffiths_Halifax wrote: »

You have a good broker there Alison. Can I ask you to repay his honesty by giving him the opportunity to quote you for any life assurance or protection products you might need.

Hi
Yes he sorts all of that out for us. Wouldn't have a clue where to start on that as we have everything with different companies and different percentages and I trust him to do that all for us.

Yes he is rather fab.
Thanks
Alison

payless

Dan_Collins wrote: »

I dont care anymore! I will be offering what I have and if they find a better deal then I will tell them to take it. I cant afford to not write business for the rest of the year!

Our network are saying TCF says we should, as ever FSA say the opposite! Its all a joke, the lenders will do what they like. They dont give a damn, they stuck two fingers up at Mr Brown, why would they change because a few brokers may go under??

Anybody got a bottle oipener?? I off to the fridge! :beer:

Its your business and your livelihood , so you should do whatever you want.

FSA are however also saying you ensure you agree service ( and fee if applicable) with client ... silly thing is their definition of WoM is not that of a reasonable layperson.