View more on these topics

Moneysupermarket flawed research angers brokers

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The release has been retracted after the firm admitted the research was flawed.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.”

Recommended

Dual regulation risk with American clients

UK advisers and managers with American clients may face dual regulation under the country’s financial reform bill, a leading American lawyer says. Elizabeth Shea Fries, a Boston-based partner in the business law department of the law firm Goodwin Proctor, says dual regulation will kick in unless advisers can satisfy four conditions. Advisers and managers must […]

Gartmore appoints head of research for global equities

Gartmore has appointed Nick Anderson as head of research for global equities. The new role will see Anderson work closely with Neil Rogan on the flagship Gartmore global focus fund. The roles of head of research and investment director had previously been combined by Simon Melluish, who becomes investment director on a full time basis. […]

15

Talks on private sector replacing Nest

The Government is holding talks with product providers to investigate the possibility of scrapping the National Employment Savings Trust and making it profitable for the private sector to fill the gap. Money Marketing understands the talks are taking place as part of the Government’s review of Nest, which is due to report next month. The […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment