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Advisers launch ‘untrade body’ The Broker Collective to call for ‘fairer treatment’

  • 13/06/2023
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Advisers launch ‘untrade body’ The Broker Collective to call for ‘fairer treatment’
A group of mortgage brokers have launched The Broker Collective, which they describe as an “untrade body” that aims to ensure brokers and clients are “fairly treated and democratically and transparently represented”.

The collective, which has around 158 members currently, calls itself an “untrade body” as it is “decentralised and powered by practicing brokers”.

Those who wish to join should visit their LinkedIn page.

The organisation has no membership fee, as the body will be powered by practicing broker members and will only act “when it feels it needs to”.

The group’s inaugural campaign is calling on lenders to provide a minimum notice period of 24 hours to affiliated brokers before removing products.

In the last week or so lenders have been rapidly withdrawing and repricing products, in some cases with short notice, leading to broker frustration.

The campaign says notices for withdrawals should including “pertinent details” of the products being withdrawn, the reason for the withdrawal and the exact time of the withdrawal”.

It also calls for lenders to “commit to clear, concise and open communication channels”, and withdrawal notices should be distributed through multiple channels so they could have “ample time to adjust their strategies and advice for their clients”.

The group also asks lenders to commit to “working collaboratively with brokers to minimise any disruption and ensure a smooth transition for all parties involved”.

It said it would regularly review the pledge to ensure it is effective and necessary adjustments can be made.

The group said it understood that “stability predictability and open communication are fundamental in cultivating a productive, trusting relationship that benefits lenders, brokers and customers alike”.

Riz Malik, a member of The Broker Collective and director and founder of R3 Mortgages, said: “We have launched The Broker Collective to ensure our clients and we, as practising mortgage brokers, are fairly treated by lenders and democratically and transparently represented.

“Our initial campaign is to ensure lenders commit to a minimum notice period of 24 hours to all affiliated brokers. This notice will include pertinent details such as the product being withdrawn, the reason for the withdrawal, and the exact time of the withdrawal.”

He added: “To this end, we will be calling for 12 lenders of different sizes and with different financial models to attend a digital roundtable, to discuss the issue. We will be in touch with those lenders in the days ahead and will publish the conversation on social media for all brokers to see.”

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