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HSBC deal sets precedent for more broker/lender tie-ups

PMS managing director John Malone predicts more broker/lender partnerships mirroring the John Charcol/HSBC deal, especially considering the FSA’s clamp-down on building societies.

Malone says the FSA’s announcement that some building societies may be forced to operate on simpler business models may push them to strike up partnerships with mortgage advisers to refer on any business they are prevented from writing such as self-certification, sub-prime or buy-to-let.

He says: “In the near future – next year or the year after – it would not surprise me if a number of the big institutions look at the HSBC model and seek to forge links with the directly authorised community. I think it will be with DAs because they are free to choose the product types whereas ARs might be more restricted.

“A marker has been put in the sand by the likes of John Charcol and HSBC and a few other key players like Savills and London & Country that have relationships as well. I can see that becoming more the shape of the marketplace. If we do have a limited number of players and if you look at the way that the FSA may restrict institutions from going beyond their abilities that gives further credence to this idea.

“If they wanted to go beyond their benchmark they would have to outsource and that is where IFAs could come in. Where you may find that building societies no longer have the ability to do certain types of lending, maybe buy to let, sub-prime, self-certification, they will call on the intermediary community.”


Mortgage brokers to train as IFAs

Jonathan Cornell, newly appointed head of communications for First Action Finance, is looking to train mortgage brokers as IFAs as part of the firm’s plans to buy IFA client banks.


Govt funding extended for ISO 22222

Government funding for selected financial advisers to obtain ISO 22222 through Standards International has been extended for a further year, following the Government’s Train to Gain initiative.

A new pension pack

Ministerial reshuffles are part of political life so we should not be surprised that both James Purnell and Rosie Winterton left their positions in the recent Government reshuffle. Purnell walked while Winterton was made regional minister in the Business, Innovation and Skills Department.

Auto-enrolment: tips for employers

The Pensions Regulator (TPR) has released advice on communications for employers, including three tips to help you with your auto-enrolment duties. 1. Allow enough time to select your pension schemeIt’s recommended that you start to prepare for auto-enrolment at least 12 months in advance of your staging date; additionally, give yourself time to choose the […]


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