Jeremy Duncombe, (pictured) director of intermediaries at Accord, said he was concerned by the requests and feared that brokers could regret pursuing this strategy.
Speaking at Mortgage Solutions’ The Mortgage and Protection Event in Manchester, Duncombe said: “In terms of execution-only, there are some brokers who are starting to say, ‘Could we do execution-only with you as a lender?’
“I understand that, I would be careful about what we wish for in terms of being able to do execution-only through intermediary lenders.
“I think we’d need to really get comfortable that it is in everybody’s best interests, because if we start going down the route of making it execution-only full stop, what’s to stop the customer doing it for themselves,” he added.
Is execution-only right?
Duncombe noted that the lender was keen to talk to more brokers about whether this was something they really wanted.
And he added that it was important for the market as a whole to understand who might be using execution-only and keep lobbying the regulator to ensure it is done safely.
“We are lobbying back to say ‘Just have a look at execution-only. Is it the right thing for as many customers as you think?’” he continued.
“Because ultimately I’m really concerned that we are going to have customers who are going from their first mortgage to their last mortgage only ever having one piece of advice which is their first property.
“There’s so much that can change in that period that we really need to make sure there are advice checkpoints in there. Taking people down the execution-only route and keeping them there really does concern me,” he added.
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