In part four of our video series in association with Accord Mortgages, Duncombe said: “If these changes are not addressed by the industry, the customer is going to head off down a route that may not be the best for them, especially if they feel they can get theoretical advice on the internet bypassing the actual advice route.”
He added: “That’s the big danger. That consumers think they are getting something they are not. It’s for lenders and brokers as well to make sure their consumer education carries on right through the mortgage process.”
During the debate hosted by Victoria Hartley, group editor of Mortgage Solutions, Jane Benjamin, director, mortgages at Sesame Bankhall Group said there was no doubt technology would drive direct business.
She added: “But there are more and more customers who will need support in different segments of the market. Brokers are the biggest threat to themselves if they don’t address these challenges,” she added.
“Does the customer know who you are? Does the customer know where to find you?”
Click on the screen below for more of the debate [05:02]
Panelists (left of screen to right)
Victoria Hartley, group editor, Mortgage Solutions
Jeremy Duncombe, director of intermediary distribution, Accord Mortgages
Jane Benjamin, director, mortgages, Sesame Bankhall Group
Greg Cunnington, director of lender relationships and new homes at Alexander Hall