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Code board wants panel size revealed

The Mortgage Code Compliance Board is recommending brokers should disclose the size of their lending panels amid fears consumers are being misled over the rangeof lenders covered.

The MCCB says brokers failing to disclose the size of their lender panels risk breaching their duty of care towards customers by misrepresenting their access to the market.

It says the move is needed to prevent borrowers being deceived by potentially misleading statements about panels. It claims to have already found cases of customers failing to be told about panel size.

The board plans to issue guidelines in the autumn as part of its e-mortgage working party initiative and is considering consulting on including panel disclosure in the code.

It is encouraging intermediaries who have agreements to place a certain percentage of business with one or more lenders to disclose this relationship to consumers.

After concerns that some mortgage-sourcing databases are not comprehensive, the MCCB says intermediaries need to ensure any software they use fully covers the lending market. It is especially concerned with websites which produce best-buy tables using outdated information or which source from restricted panels.

Chief executive Luke March says: “The word &#39panel&#39 can be very deceptive. Panel disclosure is on our radar screen in terms of future review.”

London & Country Mortgages senior manager Patrick Bunton says: “Panel disclosure is particularly important in terms of intermediaries&#39 websites where consumers are spoofed into believing they have access to the whole market but only have access to a restricted lender database.”


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