View more on these topics

Lenders refute IMLA’s AR stats

Several leading mortgage lenders have countered claims made by the Intermediary Mortgage Lenders Association that appointed representatives are offering a better quality service than directly authorised advisers after a PMS investigation.

In May, a survey reported that two-thirds of Imla members believe ARs produced a higher credit quality of business on a consistent basis than DA brokers.

But PMS asked its lending partners to confirm or deny Imla’s claims, and all denied that there is any disparity between intermediaries.

Abbey and Alliance & Leicester for Intermediaries managing director Ricky Okey says: “The announcement from Imla proved very unhelpful. But what is more concerning is that the findings directly contradict the evidence we have, which shows that there is no disparity in the quality of applications between DAs and ARs.”

Halifax Intermediaries head Jack Saxton also says his lender has no such evidence. He says: “This really comes as no surprise to us given the excellent performance of the business placed by both DAs and ARs.”

RBS Intermediary Partners head of sales Graham Felstead and Woolwich intermediary business director David Finlay also both counter Imla’s claim. Finlay says: “We have no evidence of differences, but we are always reviewing all brokers’ performances and if we can find any differences in the future, we will share that information.”

PMS development director Martin Reynolds says: “We have been working behind the scenes to redress the balance and we appreciate this public support provided by some lenders in rebalancing the debate. This matter should now be put to bed and we all need to work together to re-engineer the future of the intermediary market rather than playing the blame game.”

Imla declined to comment.

Recommended

Show me the money – earnings are central to performance in Europe

Equity markets globally currently remain vulnerable to sharp shifts in sentiment caused by either unexpected or unwelcome outcomes in key upcoming political events (the US and German elections, Brexit and the Italian referendum). These top-down influences, combined with the current low global growth environment, will likely lead to broadly directionless markets, and prolong the current low beta return environment. We do, though, […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com