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Anger over Stroud direct deal on legal services

Smaller lenders have been slammed for undercutting intermediaries amid claims that they are harming brokers’ reputations.

Mortgage Advisory Service head Stuart Wilson has criticised Stroud & Swindon for offering free legal services if clients apply direct but not if they apply via a broker.

Wilson says brokers are duty-bound to turn business away if the customer can get a better deal direct. He says: “It harms the credibility that we have with clients if we withdraw offers.”

Stroud & Swindon spokes-man David Greenleaf says: “The intermediary market remains very important to us.”

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