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Britannic Money warns brokers will lose out

Britannic Money is warning mortgage borrowers may buy direct from lenders as many will not be willing or able to pay fees to independent brokers if the FSA&#39s proposals are applied to mortgage advice:

Britannic Money chief executive Tony Ward says: “We welcome the FSA objectives of bringing greater clarity to consumers in respect of polarisation reform. We are however concerned that the proposals outlined may not meet their objectives. We believe the proposals may, if applied to independent mortgage advisers in 2004 when regulation reaches this market, have a detrimental effect on smaller broker firms. These smaller firms may not be able to afford &#39independent&#39 status as it is typically their clients on middle to low incomes that are not prepared to pay fees. These clients may choose to buy direct from the lender, thus forcing the broker to drop the &#39independent&#39 status and operate from a smaller panel of lenders which is not in the client&#39s best interests.”

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