The highly-critical but anonymous letter to Abbey’s managing director first appeared on the Cherry forum flagging what it called “despair among mortgage brokers” and has since accrued at least 50 signatures.
Out of fear of “reprisal or sanction”, the anonymous letter continued: “It is fair to say that mortgage intermediaries in general applaud the concept that anyone misusing fast-track does not deserve to be paid or allowed to use this facility. Your organisation has intermediary support in this respect, but the case concerned illustrates severe misuse of your approach to the fast-track audit process as it [is] a long way from the intent of your new diktat.”
In an eight-point criticism of Abbey For Intermediaries’ fast track process, signatories suggest, among other things, that the process is often imposed on brokers and may cause a compliance risk as well as loss of income.
A spokesperson for Abbey for Intermediaries said: “We believe that fast track is a valuable service when used properly and our requirements for the completion of fast track applications are clearly set out on our website. In this particular case, we have been in contact with the intermediary to discuss our decision.”
Donna Hopton, director of Cherry, which hosts the forum, confirmed at least 50 registered individuals had signed the letter.
“They are all perfectly genuine – and I can also say that we have had numerous calls as well from people who supported the comments but were too wary that their names might get disclosed to actually join the online group – so in fact I can personally vouch for maybe 60 or 70 separate genuine supporters.”
She added: “At the end of the day, while upset, people were generally very constructive and all everyone wants is for Abbey to be the best [it] can be.”
One of the mortgage adviser signatories, said: “I think it is clear that we are looking for a return to common sense in the lending market and the fair treatment of brokers and consumers.”
