Other pertinent fears include retaining existing clients, marketing their businesses more effectively and diversifying into non-mortgage markets.
When it comes to regulation, the biggest concern felt by more than a third of brokers (36.5%) is the potential increase in costs that regulation will bring. One in five said that their main concern was a potential increase in paperwork, with 14.4% saying that they were worried about the potential increase in time it will require to sell mortgages. One in 10 felt that they did not understand what the potential new regulation will mean for their business whereas 18.3% were confident that any new regulation would have little effect on their business.
With brokers concerned about attracting and retaining clients and improving their marketing, the survey sought to find out what they currently did to promote their businesses. Six in 10 said that they send regular communications to their clients via email or post, with 41.9% saying they ran an up-to-date website. Just under a fifth advertised in the local press and 12.4% have an enhanced listing on Yell.com. Less than one in 10 contributed editorial regularly to the local press.
Graham Felstead, head of intermediary channel at NatWest Intermediary Solutions, said: “It’s not surprising that the prospect of new regulation provokes a variety of responses from the intermediary community, with many concerned about additional demands being put upon their financial and human resources, especially when they are keen to invest resource into attracting and retaining clients.”
NatWest Intermediary Solutions is holding a forum event at the O2 Arena on 20 May on both regulation and marketing. The forum features a mix of key note speakers and business development seminars on a variety of topical issues.
To book a place at this free-to-attend event, brokers can register here.