This week’s first comment comes in response to: Brokers must set expectations for Consumer Duty or face the consequences – Crane
Paul Smulovitch said: “Whilst treating customers fairly and delivering good outcomes should always be at the forefront, what Consumer Duty has the potential to do, especially as outlined above regarding continued and ongoing servicing, is a new tranche of claims to be made against brokers by solicitors looking for any loophole to exploit to increase revenue when in fact the majority of brokers have done nothing wrong.
“So ultimately what needs to be looked at is how brokers protect themselves here and how the Financial Conduct Authority protects those that abide by its rules in these cases too.”
‘Let the market find an affordable equilibrium’
This week’s second comment is from: The housing market is swinging back in the first-time buyer’s favour – Bamford
Alex Bromley said: “You know what would really help? If the government stopped distorting the market with Help to Buy and stamp duty holidays etc and spend that money on building a lot more houses, regardless of what some backbencher Conservative MPs say.
“Let the market find an affordable equilibrium rather than have everyone mortgaged to their eyeballs because there isn’t enough quality supply of housing.
“Remember we are talking about shelter. This is the number one priority for security for people and should not be treated as a totally exploitable market.”
‘How do we challenge a lenders?’
This week’s final comment is in response to: Consumer Duty will require the sector to document what it is already doing – Accord Mortgages video
Michelle Lawson said: “This is great and true, however, it is interesting that the comment states that the lender will challenge a broker on their fee and refuse to offer if they didn’t think it fair.
“In most cases, lender arrangement fees and other costs are far greater than that of the broker, and also at a greater volume, so how do we challenge a lender and say to them to either reduce their fee or we won’t submit business to them?”
The comments here are from our readers and do not necessarily reflect the views of Mortgage Solutions and Specialist Lending Solutions.
