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Broker Talkback

Are you worried the Financial Ombudsman Service could make mortgage advisers the scapegoat for borrowers who get into difficulty?

Yes 50%
No 50%

No “If advisers act in a professional manner, with the integrity that they should and follow compliance procedure and treating customers fairly, then they have got nothing to worry about.”

James Studds, James Studds Independent Financial Adviser

Yes “It wouldn’t surprise me at all. They are very keen on blaming everyone else. We are the fall guys.

Alan Buswell, Glenburn Financial Services,

Yes “I think for mortgage brokers, it is of major concern. Lenders are probably happy to pass the buck back to the adviser.”

Tony Marsland, Stockdale & Co

No “All advice given has been agreed by clients and it is for them to accept or reject. There is no scope for the ombudsman to pick holes in our mortgage recommendations.”

Phil Bray, adviser, Capital Tower

No “I can’t see how they could hold advisers responsible without also making the banks responsible. We are giving clients advice but can’t force them to make payments.”

Phil Morris, principal, Phil Morris Financial Services

Yes “It is always a possibility but I am waiting for more information to emerge.”

John Wright, John Wright Financial Services

Yes “It seems to be the case that a number of lenders are shutting the doors and those who derive their business from mortgage advice are really set to struggle in the next six months to a year.”

Alok Dhanda, principal, Dhanda Financial

No “Mortgage brokers do not have anything to do with failing mortgages. It is more about banks approving unrealistic loans and people taking out mortgages they cannot afford to repay.”

John Stirling, managing director, Stirling Independent

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