View more on these topics

MMR plans could see move to fees

Nationwide Building Society head of intermediary sales Ian Andrew says if the recent proposals in the FSA’s distribution and disclosure consultation paper become rules, more intermediaries could adopt a fee-charging model.

In its recent mortgage market review consultation paper, the FSA proposed brokers would no longer have to issue a key facts illustration when advising on direct-only deals. Some say this could lead to more brokers charging for their services when advising on direct-only deals.

At the CML conference, Andrew said: “One major brokerage in the UK adopted the principle where its advisers would offer customers direct-only deals as well as intermediary deals. They adopted a fee-charging model and it has worked out well for them.

“I think, depending on the outcome of the consultation paper, you may well see more intermediaries starting to build direct-only propositions and start charging a fee for them.”

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