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Broker Brexit preparations: ‘I’ve ignored all the advice from the FCA’ – analysis

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  • 13/09/2019
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Broker Brexit preparations: ‘I’ve ignored all the advice from the FCA’ – analysis
Intermediaries are very relaxed about the UK’s upcoming exit from the European Union, adopting a wait and see approach to any possible impacts on their business.

 

 

This week the Financial Conduct Authority (FCA) launched a dedicated No-Deal helpline, as part of its stepped-up efforts to get firms to prepare for the potential disruption of leaving the EU without a deal.

It is also running a series of digital adverts pointing firms towards its Brexit webpages.

Nausicaa Delfas, executive director of international at the FCA, said: “We expect firms to ensure they are ready if there is no deal. If firms haven’t finalised their preparations, there is a risk they could be impacted. Firms should consult the information on our website.”

However, advisers are apparently unconvinced that Brexit will do much to change the way they operate.

 

Mortgage world has ridden storms before

Andy Wilson, founder of Andy Wilson Financial Services, said he believed Brexit would have “little or no impact” on his business.

There are and always will be people in need of our services, whatever the membership or otherwise of the EU. The clients we are seeing now are very likely to be the same type of clients we go on seeing whatever the outcome of the current political uncertainties,” he said.

Wilson added that the mortgage world has seen plenty of changes over recent years, but has “ridden every storm and continued to trade and flourish”.

He concluded: “Brexit won’t change that.”

 

Cross the Brexit bridge when it comes

Jane King, mortgage adviser at Ash Ridge Private Finance, said that she has “actually ignored all the advice” from the FCA.

King added she will “cross my Brexit bridges when I come to them and not waste time worrying about what may or may not happen.”

She also noted that while the business would handle any regulatory changes, she was “very relaxed about it”.

 

Change brings opportunity

Paul Flavin, managing director of Mortgages Online said his firm had done nothing in terms of planning for Brexit either. 

“I have a simplistic view of life, I ask myself two questions: does it affect me and can I do anything about it? If I can’t answer yes to both questions, I move on.”

He admitted that he will “probably beat myself up for not taking more action to prepare for the unknown,” but added that with every change there is opportunity.

He said: “The only time we as brokers are properly screwed is when the housing market is flat and standard variable rates are below deal rates, like in 2007.

“Seeing as it’s highly unlikely that SVRs are going to drop below current offer rates then we should still have a decent remortgage market.”

 

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