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Lenders are told to stop burying the bad news

Senior technical manager at John Charcol Ray Boulger has called on lenders not to dress up bad news about product withdrawals.

At the BSA conference, Boulger warned delegates that as product changes are being conveyed to brokers at such short notice, it is important to be able to identify easily what is changing for the worse.

He said: “The whole of the bank and building society movement has taken Alistair Campbell on to top and tail their emails. Some lenders are treating brokers as if they do not have an awful lot of intelligence.

“The buzz phrase at the moment is ‘We’re simplifying our product range’ – please call a spade a spade.”

Boulger added that rather than burying bad news at the end of an email, lenders should highlight all the key points at the top.

He also warned lenders against pulling out of the 95 per cent loan to value market: “To avoid the property market deteriorating any more, there is a responsibility on the major lenders to maintain a presence in the 95 per cent market. If everybody pulls out, where does it stop?Nothing would hurt the property market more than lending disappearing for more and more people and that would harm your own balance sheet.”


L&G says adviser confidence crunched

Legal & General is seeing a drop in adviser confidence as a direct result of the credit crunch. The mortgage division of L&G saw a 50 per cent drop in the number of advisers predicting better sales and protection sales are also expected to decline.

Lloyds sends further 450 jobs to India

Lloyds TSB has announced that its information technology division will be exporting up to 450 UK-based jobs to India over the next nine months.

In the interim

Paraphrasing the line from that great film Jaws: “Just when you thought it was safe to go into the water” seems very appropriate on hearing the news that you have to be working for the client to be an adviser.

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Pension freedoms: stop the scams

At the beginning of 2015, we highlighted that the new pension freedoms that come fully online on 6 April also represent a very attractive opportunity for the criminal fraternity to scam savers out of some, or all, of their accumulated retirement savings.


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