Mortgage News
Broker outrage at ‘totally wrong’ Money Advice Service website
The Money Advice Service has been forced to remove several links from its website after a backlash from angry brokers about it directing consumers to commercial rivals.
The Money Advice Service (MAS) website contains independent advice for consumers and had been directing visitors to London & Country’s website on its “tips if you’re struggling to get a mortgage” page.
The website instructed customers seeking advice to “search for a mortgage broker at London & Country” and linked to the broker firm’s website.
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After being contacted by Mortgage Solutions MAS removed the link to London & Country from its site, along with links to other commercial operations such as Which? Mortgage Advisers.
The independent MAS service is wholly funded by the FSA and was given a budget of £45.7m for the 2011/12 financial year.
A spokesperson for Money Advice Service told Mortgage Solutions: “We have reviewed the link and redirected users to unbiased.co.uk. Other links may be considered in due course.”
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Both Which? Mortgage Advice and London & Country confirmed that they had been unaware of the links.
Steve O’Mara, owner of Moorgate Financial Services, said that it was unacceptable for an independent website to be sending potential clients to a competitor.
“It’s out of order that MAS is linking to a commercial broker and sending business their way. There are plenty of brokers out there, yet they’re pointing people to one broker.
“Why not link to the FSA register instead where everyone is listed in the same way?”
Stuart Duncan, partner at Personal Mortgages Service, said: “The website should be operated on a postcode based system so people can find their nearest broker. It’s scary to think that MAS can’t see that this is a problem.”
Lisa Williams, managing director of Keys Mortgages, added: “I have no problem with educating consumers on issues of finance. But, it’s an absolute disgrace to be a broker paying for what’s meant to be an independent website.”
Another broker, who wished to remain anonymous, told Mortgage Solutions: “It’s totally wrong that we’re paying for something advertising a competitor.
“It’s like paying someone to buy a gun and shoot you with it. They have absolutely no defence for this.”
Donna Hopton, owner of mortgage adviser message board Cherry, added: “We are receiving a deluge of calls from advisers who are utterly furious.
“In the main, their concerns relate to why their money is being used to effectively fund a competitor as well as a fear that the MAS service isn’t actually useful and is potentially dangerous to consumers.
“Advisers do not like having to pay to be authorised only to then find that their fees are used to pay others to give so called ‘advice’, which is not actually advice.”