During a heated debate at the Mortgage Business Expo in London last week, several brokers called on the regulator to change data rules that allow lenders to refuse to give brokers information when clients want to remortgage.
One broker said: “I have been a broker for nearly 20 years but when I phone a lender when my long-term client is coming to the end of a mortgage they will not talk to me. This is not really fair, why cannot the FSA do something about this?”
FSA director of small firms and contact centre Lesley Titcomb conceded that this was a major issue.
She said: “If I had a pound for every time this issue was raised I would be a very rich woman. We recognise that we ask you to treat customers fairly and sometimes you are hampered in this task, which is particularly galling.”
But she said the FSA could not force lenders’ hands, adding: “There is no rule we can suggest to make them give information. We have to balance the issues and remember consumers have a choice between a broker and going straight to the lender.”