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‘We are working hard to influence the regulator’ – L&G Mortgage Club

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  • 17/06/2019
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Legal & General Mortgage Club director Kevin Roberts issued a rallying cry to the industry to be vocal about the value of advice.

 

Delivering a speech at its annual awards, Roberts (pictured) said the club was working hard to influence the Financial Conduct Authority’s (FCA) thinking, but this needed to be replicated across the industry.

“We are working hard on our value of advice campaign and we are working hard to influence the regulator’s thinking,” he said.

“We will continue this journey and are pleased that many of you are actively supporting us. However, there is room to do more.

“Our research shows that potentially thousands of borrowers still don’t know how an adviser can help with their mortgage and as a result they are missing out.”

 

Engage industry and beyond

Roberts was addressing the FCA’s approach to encouraging the growth of execution-only process for borrowers taking out mortgages.

This proposal has left many in the industry worried that consumers will be exposed as they lose the protections available through advice.

Legal & General Mortgage Club’s Value of Advice research found that consumers who use brokers were more likely to switch lender when remortgaging than those who secured a mortgage direct.

And Roberts added that they were also more likely to be informed about protection options and how to protect their family.

“Now is the time for us all to be vocal about the value of advice,” he continued.

“Never has it been as important to ensure we are engaging across our industry and beyond to ensure that the value of advice can be heard and most importantly understood.”

 

Improve mortgage journey

Roberts also revealed that the mortgage club was continuing its strong performance with seven per cent growth over the year so far, following 12 per cent growth last year.

“Improving the end-to-end mortgage journey has to be a major focus for all of us as outside disruptors look in on our market with interest,” he added.

 

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