This week our Star Letter goes to Paul Smulovitch for his comment under the article: Direct non-advised product transfers undoing MMR – Sinclair
He said: “This is exactly the problem brokers face. One rule seems to be followed by lenders and another set of rules heavily policed and enforced by appointed representative firms.
“If a client comes to a broker, we still need a suite of compliance paperwork, but they can go direct and provide nothing. It’s the same for paperwork requirements for purchases and remortgages. The banks directly require very little in comparison to what a broker is required to request and keep on file.
“There should be consistency across the industry.”