Association of Mortgage Intermediaries chief executive Robert Sinclair has launched a scathing attack today on Council of Mortgage Lenders chairman Martijn Van Der Heijden over his claims that proc fees can distort consumer choice.
Van Der Heijden, who is also head of lending at direct-only lender HSBC, told delegates at the CML’s annual conference last week that the quality of advised salescan be inconsistent.
He said: “We have to make distribution work for the customer – the quality of advised sales is sometimes inconsistent.
“Hidden procuration fees, the differentials that exist, staff incentives and direct channels can distort choice.”
Speaking at the Mortgage Business Expo in London today, Sinclair said it is strange that somebody could make such statements on a public stage and “not get his a*** sued”.
He said: “How the chairman of the CML can accuse his fellow lenders of doing something like that is beyond me.
“In fact, I know that all of you have to absolutely publicly disclose all the commissions you earn through the Key Facts Illustration.”