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Wells Street Journal: Lakey vs Santander – round two

There is one financial services grudge match that has gone down in Money Marketing history: Alan Lakey versus Santander. There is no love lost between the Highclere Financial Services partner and the Spanish banking giant after Lakey was kicked off the lender’s broker panel for using abusive language against staff.

Lakey courted controversy after attacking Santander over rigid lending criteria and no longer being able to fast-track mortgage cases – a story which generated almost 100 online comments and reached the dizzying heights of the second-most read MM story of 2012. 

But it seems both parties are now prepared to let sleeping dogs lie. Lakey, recently needing to remortgage, looked at other lenders before realising that Santander offered a leading rate. He duly put in an application, undeterred by events of the past. There were no flags raised during the (rigid) underwriting process, and his application was given the all-clear. It seems Santander didn’t have a problem with Lakey when it came to loaning him money.

Alas, the mortgage match made in heaven never came to pass, as Lakey ended up taking a better deal with another lender. WSJ holds out hope that the pair can be reunited at the end of Lakey’s next mortgage term.



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

  1. Shame it didn’t go ahead that would have been champion.

    Ha Ha Spanish nobs

  2. Are mortgage adviser agents of the lender or agents of the client? I believe you will find the latter. As such, whilst it may be right that Santander can refuse to talk to someone who swears at them, if they can refuse to talk to someone who shouts at the down the phone, then that is the FSA, AEGON and Herbert Smith Freehills who are off my list, whereas in reality I think it more realistic if I just refuse to deal with certain individuals (although I have developed think enough skin to be able to cope with being shouted at nose to nose when something has gone wrong even when everyone else lined up knows it wasn’t my fault). Hankney Common 1998 SMC course.)
    The sooner the FCA support advisers i.e. pointing out to providers and lenders that as agents of our clients, especially if a limited power of attorney has been signed (Santander include unsigned POAs as part of their mortgage terms) they MUST treat us as if we were the consumer and provide us with the same facilities the consumer has, i.e. online access to info etc the sooner the consumer will be served correctly and competition will improve. This is an unfair contract term which providers and lenders even post RDR are still being able to get passed the F-pack and OFT.

  3. Again, let’s get facts right.

    Santander did not boot me off their panel. I told them that in the interests of my clients I was removing them from my panel of acceptable lenders. Them then saying we are booting you off was, quite frankly. irrelevant.

    Needless to say, I now have happier clients and I no longer receive clients calls asking “what are that bunch of weasels up to?”

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