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Brokers parry CML attack

Brokers have hit back after the Council of Mortgage Lenders accused them of being the source of abuses in the market.

In its 2005 annual report, the CML makes a number of references to lenders being “exonerated” by the FSA while claiming that brokers have drawn heavy criticism from the regulator.

It points out that brokers were criticised after mystery shopping exercises into the self-cert market while lenders “largely escaped criticism” after the FSA’s work on payment protection insurance although they have since come under fire for failing to address PPI sales problems.

The CML says lenders are concerned by the “consistent pattern of failures of record-keeping and the suitability of advice given by some intermediary firms”.

Association of Mortgage Intermediaries associate director Rob Griffiths says: “The AMI has never been one to point the finger of blame and we do not intend to start now. The FSA’s various thematic reviews and mystery shopping visits since M-Day have revealed good and bad practices throughout the industry.

“The AMI is working to provide its members with a full range of information to help them conduct business within the FSA’s rules. The industry needs to be united and should be working together to find solutions to problems.”

Brentchase Financial Services mortgage specialist Mike Fitzgerald says: “You will always get some problems in a big broking industry but intermediaries have got their act together.”


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