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Analysis - Industry

Advised-only sales: the lender's dilemma

Mortgage Solutions | 30 Jan 2013 | 12:07

Mortgage Solutions

Lenders are frightened, according to Association of Mortgage Intermediaries chief Robert Sinclair.

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In a speech last week, he argued that while lenders could sell non-advised products and stay in the rules of the Mortgage Market Review, they would be worried about possible consumer confusion over the meaning of advice – and consequently a barrage of complaints in a few years’ time.

But if lenders do decide the risk is too great, what will they do? Sinclair suggested lenders could outsource sales to trained mortgage brokers, who would take responsibility for these advised sales.

For this week’s Marketwatch, our commentators are:

Association of Mortgage Intermediaries chief executive Robert Sinclair, who suggests outsourcing sales to brokers would reduce both costs and risks to lenders

Saffron Building Society chief executive Jon Hall, whose instinct is that non-advised sales will become a rarity sooner rather than later

PricewaterhouseCoopers Regulatory Practice director David Morey, who says with the right infrastructure, brokers could take on the role

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