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HSBC will assess broker role

HSBC has refused to rule out extending its mortgage products to the adviser market if its seven-month trial with John Charcol proves successful.

Under the tie-up, clients at the 20 pilot branches will be offered the option of accessing HSBC’s own products or whole of market advice from a John Charcol adviser for a £150 fee payable on completion. HSBC says if the service proves a success it may be rolled out to further branches from November. When asked if HSBC would rule out offering its mortgage products to the wider intermediary market, a spokeswoman said: “Once the pilot is over, we will sit back and look at how it has gone.”

The Mortgage Practitioner sole trader Danny Lovey says: “I have got more chance of holidaying on the moon than accessing their products but I hope I am wrong.”

London & Country technical manager Richard Morea says: “HSBC has not played as big a part in the mortgage market as its size would suggest it should. So it is good news HSBC has initiated this and that it recognises the value of what brokers can bring.”

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