Lakey says a mortgage he arranged with Leek three years ago came up for renewal recently. His client approached him regarding her options and also spoke with Leek, which did not have any competitive products to offer.
His client said Leek had arranged for another broker to speak with her to find her the best deal. Lakey says: “Passing building society and bank clients to whole of market brokers is commendable but it is unacceptable when that client was introduced by a different whole of market adviser.”
Leek head of lending Mike Williams says: “It is society policy to recommend and advise that a borrower who is near the end of a product term returns to their broker in the first instance. If the borrower does not wish to return to their broker or we are asked to provide advice, if no suitable product is available from the society, we can introduce them to our in-house brokerage service.”