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Brokers warned to embrace Hips or lose business to estate agents

Intermediaries have been told they must consider home information packs as a business opportunity or lose out to estate agents.

Speaking at the Money Marketing round table, Purely Mortgages chief executive Mark Chilton said mortgage intermediaries should position their businesses so they become natural distribution points for the packs.

The panel agreed that Hips should include a clause explaining that customers do not have to take out a mortgage with their Hip supplier. They said this would prevent Hip distributors taking away business from mortgage intermediaries.

Although Pink Home Loans managing director Tony Jones and Alliance & Leicester head of mortgage intermediaries Mehrdad Yousefi welcomed the packs, they expressed disappointment with the timing of their introduction in June 2007.

Jones said: “Hips could be a threat but we know they are 18 months away and we just have to get on with it. Remember that distribution is key. We do not want to get to the point where there is a mortgage offer by the Hip provider. We have to make sure consumers know there are choices for them all the way through.”

Yousefi says: “We whole-heartedly welcome Hips but we believe there will be a massive impact on distribution and how it manifests itself from a consumer angle. We are also disappointed by the launch date slap bang in the middle of 2007.”


Defaqto appoints director of sales and marketing

Financial research firm Defaqto has promoted Neil Morgan to director of sales and marketing.Morgan joined the firm in 2003 as sales director from Reuters where he had a number of online marketing roles in London, New York and Argentina. He has lectured on e-commerce and online business models at the London Business School. Morgan will […]

Brown outlines cuts in FSA red tape

The Treasury is to demand the FSA cuts information requirements on firms and up to 20 consultations a year as part of cost saving measures to be announced in the Pre Budget Report.Chancellor Gordon Brown told the CBI conference he wanted to increase the risk based approach in financial services and will announce 10 new […]

How do you choose the best online service?

By Ross Jackson, senior marketing manager There are many different protection online services available in the market and no doubt you’ll have used a few when submitting protection business. But why should you have to put up with slow, unresponsive sites for your business when you’re used to dealing with slick, modern user experiences in your […]


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