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90% of loan advisers to carry on after M-Day

Mortgage advisers say they feel comfortable about regulation, with 90 per cent of introducers confident that they will continue to offer advice after October, according to research from Imla.

The survey also found that intermediaries think more than half of their customers are not familiar with key mortgage issues.

Intermediaries say their customers could not understand fundamental aspects of the mortgage market, including the implications of remortgaging, the effect of interest rate increases and the pros and cons of variablerate mortgages.

Chairman John Maltby says the results of the survey are extremely encouraging, pointing to the fact that significantly more brokers than ind-ustry experts predicted plan to continue in the market after M-Day.

The research also found that 62 per cent of respondents have read the FSA&#39s mortgage conduct of business sourcebook.

Ninety per cent of inter-mediaries say they have adv-ised on self-certification and 83 per cent will continue to do so, with most advisers regarding it as a useful product.

Maltby says: “It is critical that the proposed regulatory requirements are clear to use and understandable, enabling customers to access the appropriate information to make the correct choice.”

Norwest Consultants principal Harry Katz says: “In general, the public is not terribly astute but once they have come to see an IFA, they are much more clued up. After all, isn&#39t that what we are here for – to give clear advice and pick up the pieces?”

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