A further 34% said that it was still too early to say how they felt, while 27% said they were content with the proposals, citing that the changes seemed manageable.
David Sheppard, managing director of Perception Finance, said: “Brokers feel pessimistic because of the way that the market has moved on – it’s very disheartening for them.
“Many brokers feel that these draft proposals, combined with previous documents from the FSA, are trying to push through so many changes. Some changes are already trying to be prevented, for example, the case of affordability. Brokers find it unfair that lenders are assessing consumers’ ability to pay, without factoring pay rises and bonuses.”
Sheppard added that he felt the proposed changes seemed manageable, as long as they were properly managed.
He said: “I like that firms will need to comply with an explicit requirement to treat customers fairly, including when dealing with customers in financial difficulty and when processing payments. Not only does this ensure fairness, but it also encourages greater professionalism in the industry.”
This week’s Mortgage Solutions poll asks whether the FSA should have gone further in the MMR consultation paper on its requirements for equity release brokers.
