View more on these topics

Brokers need huge admin improvement

Mortgage brokers need to improve their admin drastic- ally if they want to cut costs and avoid incurring the wrath of the FSA.

That was the message from industry experts such as Association of Mortgage Intermediaries director general Chris Cummings at the Mortgage Business Expo.

He said there had been fewer than 350 complaints on mortgages to the Financial; Ombudsman Service since the regulatory regime came into effect last year. Cummings said keeping adequate records was the best recourse for companies if they found themselves under scrutiny from regulators.

Cummings said: “Even if you sell a client a product that has run its course, it is recommended practice to hang on to all the administration for a period afterwards. The best advisers do not necessarily make the best administrators.”

Mortgage Intelligence managing director Sally Laker drew attention to the FSA’s mystery-shopping exercises in sub-prime and self-certification. She said a big potential problem was the fact that mortgage brokers were not properly recording the justifications behind their recommendations.

She said the progress in lenders’ online facilities, particularly in the sub-prime market, had helped lead to greater efficiencies in this area.

Laker added: “Keeping hold of mail and filling out forms online will help resolve the administration problem.”


Brown letter undermines Turner proposals

Chancellor Gordon Brown has written to the Pensions Commission suggesting the current linking of pension credit to earnings may end in 2008, according to newspaper reports.The move implies the Government policy aimed at helping the poorest pensioners may then be linked to prices, devaluing it in real terms.It is thought the letter, sent last Thursday, […]

Standard in wrap deal with First NZ Capital

Standard Life is to launch its wrap offering in the early part of 2006 after signing a joint deal with First NZ Capital.The provider says it is in the final stages of development with full details to be unveiled as the company rolls out the proposition to advisers from next year.Standard Life UK & Europe […]

Denne sets the first stage for wrap process

Falcon Group has put in place the first steps of what will lead to a full wrap proposition as it bids to increase its wealth management capabilities and attract new advisers. Business development manager Piers Denne, who joined the firm last month, was brought in to introduce and develop the project which he says will […]

PFS sets up faculty of retirement care

The PFS is launching a faculty of retirement care with IFACare to encourage the highest standards of members working in the retirement care sector.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm