Host and group editor of Mortgage Solutions Victoria Hartley asks how brokers ought to respond to the contradictory statements in the paper, which suggests on one hand consumers may not always need advice but that the current obligation to offer it is not doing much harm either.
Greg Cunnington, director of lender relationships and new homes at Alexander Hall said the Mortgage Market Review (MMR) out in 2014 has worked. He adds this is why it is so surprising that the same body that implemented that paper which has achieved so much good is taking such a different ‘tone’ in its latest work.
“I think the report had a lot of good, but the advice bit puzzles me slightly,” adds Cunnington.
“With execution-only, you need to be careful what you wish for, for lenders and other companies. What will the outcome be? Is this a move to create a middle ground, almost execution-only but you speak to a lender? – I think the client will think that’s advice” he said.
For the first part of our five-episode debate, click on the screen below. [06:39]
Victoria Hartley, group editor Mortgage Solutions (screen left)
Jeremy Duncombe, director of intermediary distribution, Accord Mortgaes
Jane Benjamin, director, mortgages, Sesame Bankhall Group
Greg Cunnington, director of lender relationships and new homes at Alexander Hall
The series will run each Thursday for five weeks, with plenty more to come on technology, product transfers and Accord’s growth series.