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Pink looking to uncover bad practice in sub-prime market

A campaign to root out poor sales practices in the sub-prime market will start this month.

The initiative from Pink Home Loans will run throughout the year and aims to highlight where brokers are failing customers across the non-conforming market although the network says it will not name and shame offenders.

Pink, which has plans to launch a suite of sub-prime products on the back of the campaign, says it will tip off the FSA about any offences it uncovers.

It is finalising plans to publicise the drive and is likely to run an advertising and PR campaign as well as send an email bulletin to its database of 4,000 intermediaries.

Managing director Tony Jones says: “We are looking to remind people that the FSA has identified high-risk areas when mystery shopping took place and those problems should not be repeated. It is down to the FSA what it does with any information it receives from us but we will not name names as, when you start throwing mud, then others respond.”

London and Country head of communications David Hollingworth says: “It is good PR for Pink but there is nothing wrong in doing this if it stamps out bad practices as the market is seen as something from the Wild West. There is no way it could name and shame as it would then be taking on the role of policing the industry.”

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