Brokers have attacked moneysupermarket.com after a press release said borrowers should think twice before using mortgage brokers because 90 per cent of products are now direct-only.
It said the company’s research showed that anyone using a broker needed to be made aware the advice was limited.
The release has been retracted after the firm admitted the research was flawed. It has led to Personal Touch Financial Services removing PAA leads, moneysupermarket.com’s lead-generator service, from its panel. Tenet, which uses PAA leads, says it is considering the matter. Group distribution and development director Keith Richards says Tenet is “extremely disappointed”.
Emba group sales and marketing director Mike Fitzgerald says: “Now is the time for brokers and networks to start standing up against this sort of thing. I think moneysupermarket will regret that comment.”
A Moneysupermarket.com spokesman says: “Our intention was to highlight this important message to consumers, not to criticise the broker industry.”