View more on these topics

Cornell accuses HSBC of sparking dual-pricing

HSBC’s deals provoked the extremes of dual-pricing among intermediary lenders, says First Action Finance head of communications Jonathan Cornell.

At the Mortgage Business Expo, Cornell said if HSBC had not been pricing so aggressively, then other lenders perhaps would not have felt the need to follow their lead.

He said: “HSBC is probably causing the worst of dual-pricing. As it does not deal with intermediaries on a constant basis, it needs to price particularly aggressively to meet its market share, it is trying to get about 10 per cent or so.

“If it was not for HSBC, the others would not have to compete so hard but to maintain good flow and keep branch adv- isers busy, the other lenders have to follow suit. We are very unhappy about dual-pricing but we have had the lion’s share of it over the past decade.

“A couple of lenders, Nationwide and Woolwich, deserve credit for not dual-pricing. The mortgage market review has necess- arily clarified many of the issues that surround dual-pricing that is something we should push more for the FSA to look at.”

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    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

    Email: customerservices@moneymarketing.com