A dual-pricing system with cheaper rates for execution-only product transfers risks pushing customers down a route that is not ultimately best for them, Accord's Jeremy Duncombe has said.
Duncombe, director of intermediaries at Accord, claimed that if regulators allow lenders to make rates cheaper, it could encourage clients to use the unregulated channel.
As part of the lender panel at the Financial Services Expo, Duncombe said: “If you get cheaper rates doing execution only that’s a huge issue.
“But even just trying to push more people on an execution route because they think that’s the way people want to go; I think it’s the wrong way.
“We’ve got to do that as a sector. It’s fine for the right people but we’ve got to work out who those people are.”
Adrian Moloney, sales director at One Savings Bank added that it was “unsurprising” that some customers had shifted to execution-only products but said he could only see “certain generations” opting for it.
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
