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  • 10/02/2003
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Brokers are becoming increasingly concerned with regulation, according to the annual survey of mortg...

Brokers are becoming increasingly concerned with regulation, according to the annual survey of mortgage intermediaries carried out by network, Bankhall.

The Points of You study found 62% of advisers believe compliance will be key to survival post-Mortgage Day, with just 38% expecting that securing the best commissions would be enough to allow them to continue.

Shaun Godfrey, sales director of Bankhall, said: ‘The fact that compliance is seen as a central business issue is borne out by the level of disagreement that finding the best deal for clients is the way to ensure survival. This highlights a realisation among intermediaries that a shift in emphasis is needed in light of an imminent increase in regulatory requirements. How intermediaries cope with this shift will be key to their survival. It will be a challenge for many, particularly small and medium-sized players, to juggle regulatory requirements with managing and building their client base.’

Regulatory concerns are already high on the agenda of many brokers as three-quarters ‘ said compliance costs were already high, and 87% thought costs would increase further over 2003 ‘ an increase of 11% on last year.

Furthermore, 97% expect the costs of compliance to increase under the Financial Services Authority, with 38% feeling under-prepared for statutory regulation.

Godfrey added: ‘With 38% of intermediaries saying they would like to be more prepared for new regulation, more work needs to be done in 2003.’


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