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Broker Talkback

Is FSA chief executive Hector Sants right to suggest that the recent dual-pricing strategies of many lenders do not break TCF rules?

Yes 37%
No 63%

No “In my experience of the situation at the moment, lenders are not treating customers fairly in any form.”

Gordon Storrie, Peter McEvoy Financial Services

Yes “Brokers have to accept that mortgage lenders have to price their products according to the costs involved in procuring business.”

Richard O’Fee, Financial Choices

No “I would say they are breaking TCF rules. The deals are a lot cheaper than through the direct channels which makes it difficult for us to compete.”

Craig Blower, JHP Financial Solutions

No “I think it undermines the whole system that the FSA has been trying to set up. It does not preserve some form of fair balance and it breaches one of the core ideas of the FSA – customer choice.”

Michael Nathan, Michael Nathan Associates

Yes “As long as this is transparent to the client, I think it is fine. Obviously, I would prefer brokers to get the better deals.”

Richard Price, Priceguard Independent Financial Advisers

Yes “I do not think it is breaking TCF rules because customers can just go to the where the rate is cheaper. But if they are offering better rates at branches, lenders clearly want to move business away from us and that is not treating brokers fairly.”

John Cotton, Archway Financial Services

No “Lenders are clearly breaking the rules and are shunning the IFAs, the same group of people who gave them 70 per cent of their business last year.”

Alok Dhanda, Dhanda Financial

No “I just hate all lenders at the moment. Hector Sants should try sitting in front of a mortgage client to learn exactly what is going on.”

Rob Simpson, Simpson Financial Services

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