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Lloyds rejects broker panel removal appeal

Lloyds Banking Group has rejected an appeal from a mortgage brokerage after it was removed from the bank’s lending panel with no explanation.

Infinity Financial Services was removed from the Lloyds panel in July with no prior warning. The main concerns were income inconsistencies, misleading applications and general quality of business.

IFS adviser Muhammad Masood says his firm completed every case submitted since joining the Lloyds panel last October. The firm says it submitted extra evidence and reviewed every case, none of which flagged any risks to the firm. 

Masood says: “We have asked Lloyds to work with us to pinpoint what went wrong because we have back-checked every case submitted and they are all above board. Instead, it has dismissed our entire firm, impacting all our livelihoods, and we don’t know why.”

The Association of Mortgage Intermediaries recently published joint guidance with the Intermediary Mortgage Lenders Association on lenders’ approach to panel removals. 

Ami chief executive Robert Sinclair says: “It is always unfortunate when a broker faces these circumstances. 

“We would expect lenders to treat sympathetically any request to be reinstated to the panel after a reasonable amount of time.”

A Lloyds spokeswoman says: “Removal of a broker from our panel is a decision that is not taken lightly. We conduct an in-depth review of applications submitted with a particular focus placed on business submissions to the bank over the past 12 month period.”

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. LBG owned by the government and being used to regulate the market instead of the FCA ?

  2. On the strength of what this article reports, namely “income inconsistencies, misleading applications and general quality of business”, the reason Lloyds have decided to strike Mr Masood and his cohorts off their panel is pretty obviously that they consider them to be the sort of people with whom they don’t wish to do business.

  3. My company was removed from the Lloyds panel in July 2014, 2 weeks prior, my so called colleague and co-Director was removed from NWBS (just that person), 2 weeks after Lloyds, Abbey de-registered the same person, the last time I tried to do any business with Lloyds was 3 months prior to my company getting struck off, now to me why should I suffer because of my colleagues issues, I know I haven’t done anything wrong, even appealed it twice but still didn’t tell me why I was removed.
    Now no other network will take me on even though I have given as much evidence as I can to help my cause, the last6 months has been very good business wise, now I’m left with my career down the plug hole, I have been doing mortgages for almost 20 years, and actually started at Halifax, I loved doing them, and helping people, now my life is in ruins because of my ex colleague, Lloyds not giving too hoots about other peoples lives, while they get their big bonuses, and the FCA trying to prove their power by not even listening to us innocent people. No-one cares about the honest people whom do this job for the love of it and for their clients. My heart has been broken by what’s happened, and feel my life is over. Yet there are dodgy people whom get away with it still. I want to make this all public so my clients can help me and confirm to the FCA and Lloyds that I am a good honest guy, but I know I will just be a needle in a haystack.
    This is totally unfair what’s happened, and should not just get of people because they think they can.
    No wonder people have no faith in the Banks they way they treat individuals.

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