Intermediaries face years of substandard service from lenders, according to Keith Robinson, head of intermediary sales for Alliance & Leicester.
Answering concerns from the floor, Robinson said: ‘It will be years before the lending fraternity can say service is spot on.’
He added intermediaries would increasingly have a fundamental role in maintaining service standards, as technology enabled them to become responsible for the input of client data and details.
Answering from the panel, Iain McDonald, key account manager for Abbey National, said lenders were prioritising the service issue, and felt technology held the key.
He said: ‘The intention is there and a lot of resource, time and energy is being put towards putt-ing an online solution together.’
If lenders did not get servicing right, he said they would ultimately lose out, being unable to reap the rewards in booming sectors such as the remortgaging market.