You are here: Home - News -

HSBC assures brokers ‘we are not avoiding small DA firms’

by:
  • 16/05/2017
  • 0
HSBC assures brokers ‘we are not avoiding small DA firms’
HSBC’s head of mortgages said the bank’s roll out of its products through appointed representative (AR) brokers was not a sign it placed less value on the importance of directly authorised (DA) firms.

In an interview with Mortgage Solutions, Tracie Pearce talked about the crucial first years of entering the intermediary sector and the unforgivable scenario of arriving with a fanfare and failing to deliver.

“You get one shot to enter this market properly and we wanted to make sure it was a really positive experience for everybody. Us, the brokers and the customer,” she said.

Following a pilot programme with Countrywide which launched in October 2014, the bank officially launched in August the following year with the addition of London and Country to its panel. At the start of May, IFA and mortgage network In Partnership was the 19th firm to be invited on to the panel, which is predominately made up of AR firms.

“We are not avoiding small DA firms,” said Pearce. “The intermediary distribution roll out has been slow and controlled with a focus on larger networks first, because of the ease of dealing with one compliance department which covers many advisers.”

Once the AR roll out is complete, the bank will develop the next phase.

 

Deliberate expansion

Pearce added: “We have been deliberate and cautious in the speed at which we have entered each of our partnerships, to make sure we can support them. So far it has worked, we haven’t let anyone down.

“That for me was more important than getting right to the end of the on-boarding process as quickly as possible. We want to do this properly, do it justice and without upsetting people.

“I didn’t want to go into this market and cause a fuss and a storm by giving people poor service. I have seen it happen before too many times in this industry. It wasn’t going to happen under my watch.”

Watch out for the full interview with Tracie Pearce on Mortgage Solutions this week.

There are 3 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
  • RT @ashridgepf: Well what a surprise! We love our clients and they obviously are quite fond of us. Mortgage applicants find humans more r…
  • RT @DanielleDennis9: Always love reading through the tweets of the year every December! Have a look through to recap on a great year https:…
  • RT @mortgagestall: Great to see the hard work brokers put in is getting ever-more recognised https://t.co/cg4ZaJzZJZ
Read previous post:
frontage of Co-op bank branch
Virgin Money ditches interest in Co-op Bank takeover

Virgin Money is no longer interested in taking over the Co-operative Bank.

Close