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Broker Talkback

Is the FSA right to attack specialist lenders for their arrears management standards?

Yes 88%
No 12%

Yes “It has always been the case that lenders have taken a broad brush to lending. They really ought to look at more individual criteria for individual borrowers.”

Patrick Oakman, Patrick Oakman Financial Services

Yes “Lenders are not listening to the financial problems of individuals because of the current state of the markets. They are only interested in their own profits.”

Julia Tyler, Eric Wright & Co

Yes “The lenders do not do enough. They need to recognise when there is a missed mortgage payment and deal with it straight away, not waiting until the borrower is further in debt.”

Mike Morris, Mike Morris & Co.

Yes “Like so many other organisations, these mortgage lenders never seem to treat customers fairly. The lenders have no common sense – they need to stop thinking of profits and start thinking about the borrowers.”

Des Rushmore, Manning Rushworth

Yes “Attack might be too strong a word but they should definitely question them. All advice should be client-specific, not based on a one size fits all model.”

Whitton Asset Management, Brian Whitton

Yes “I don’t think enough was done to check they were affordable in the first place.”

Michael Davidson, Highland Mortgage & Investment Services director

No “These things need to be dealt with but what I’m most concerned about is the FSA themselves in dealing with other issues that led up to this assessment.”

Irvin Robinson, Irvin Robinson Financial Management

Yes “Lenders should be monitored in an adult fashion.”

Peter Tomlinson, Peter Tomlinson Financial Services

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