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Duffy onslaught at ‘mediocre, overpaid’ mortgage advisers

Hamptons International Mortgages managing director Kevin Duffy says “mediocre” and overpaid mortgage advisers are plaguing the market.

He says many individual brokers and their managers are simply not good enough, and are only still in their jobs due to the shortage of new talent.

Duffy doubts whether some will last what many are predicting will be a year when the market contracts due to rising interest rates and lenders’ retention schemes.

The blast comes just a few weeks after the FSA complained that standards, particularly among small brokers, are not up to scratch.

Duffy says: “Many are what I would call journeymen, operating in a comfort zone simply because the skills shortage is so emphatically in their favour. Salary inflation is rampant to the extent that distinctly average consultants get £50,000 basic. This might be more palatable but for the fact that the actual sales management of some of these people leaves even more to be desired. Too many are yesterday’s failed salespeople and are quite simply box-tickers.

“Most of today’s advisers have never had to perform in a downturning market but, more pointedly, most of their sales managers haven’t. Rising rates coupled with foaming property values and the impact of lender retention strategies may scale the market size back to beneath £300bn.”

Accord Mortgages managing director Linda Will says: “There are the odd cowboys but there are an awful lot of hard working and switched-on individuals.”


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Partnership pensions for shares

Origen is introducing a partnership pension scheme to enable employees of its corporate clients to transfer shares from employer share incentive schemes into their pensions.The scheme uses new rules which enable employees to make in specie transfers from their partnership share schemes. These are HM Revenue & Customs-approved savings plans where employees buy shares in […]

Just rewards

Funds of funds’ total expense ratios have been criticised following the publication of analysis by Lipper Fitzrovia, the well-respected research agency that has a habit of getting to the bottom of things. Lipper Fitzrovia announced that Fof Ters were, in fact, only 50 per cent more than single manager funds, not 100 per cent more […]

FSA Chief Executive: Good timing as Tiner aims for private sector

John Tiner’s decision to leave the FSA took some by surprise but industry experts suggest that the timing of the move is a combination of good governance and personal ambition.Beachcroft regulatory consulting managing director Richard Hobbs says that by stepping down in July, Tiner ensures his leaving date does not clash with that of chairman […]

Survey cover

EEF/Jelf Employee Benefits Sickness Absence Survey 2015

EEF stated in its 2015 EEF Manifesto that the UK’s growth prospects depend on people being fit, working and productive. Keeping people in work and helping people return to work is very important for the manufacturing sector. It means boosting productivity by getting people back into work as early as is possible, as well as fostering workplace cultures and environments that proactively manage individuals’ health conditions so that all can benefit from lower sickness absence outcomes.


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