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Star Letter Extra 26/07/13

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  • 26/07/2013
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Star Letter Extra 26/07/13
Each Friday, Mortgage Solutions takes a look back at the best reader comments on the website.

Two Connells staff found guilty of property fraud

I hope the profits , presumably seized under the proceeds of crime act, will be divided between the three owners of the repossessed properties whose misfortune to have been in that position was further compounded by the estate agent not doing the correct job.

Oh is it time to regulate estate agents and secured loan lending at the same time… can’t have half the industry regulated to the sky and the remainder doing exactly what they please.

Julie Angulatta

Precise defends ‘backdoor resi’ broker cull

I’m not sure Precise needs to defend their actions at all. As long as they can prove a broker is submitting fraudulent applications and also have a robust appeals process in place just in case there is a valid defence argument then they are well within their rights to ban rogue brokers.

And I understand the problems for the broker won’t be confined to this one lender, as the lenders share data on banned introducers and others can also choose to take the same action.

So it’s not just the £180 case fee at risk, it’s your career. And frankly if you are engaging in this sort of activity, the sooner you are gone the better.

Andy Wilson

FCA finds restricted advisers operating under IFA banner

Would Mr Clive Adamson please clarify whether he will be honest enough to “undo” RDR if it is found that the majority of clients are in fact being disadvantaged by the switch to a fees only regime.

The higher level of qualifications required are evidently (largely) a good thing but I see the majority of everyday/average clients being disadvantaged by (or not benefitting from) the fees v commission changes. In addition to this we have seen hundreds of millions spent/wasted and many thousands unemployed (although not in the Canary Wharf postcodes you understand).

The savings gap will widen and those clients that do pay for advice on smaller or regular premium investments will suffer the greatest reduction in yields from a product ever seen in this industry. Never mind eh, I suppose they meant well!

Chris

FCA plans social media storm

I would like to see the new regulator embrace social media and instead of giving it a cursory glance and indicating what they hope, to be more pro-active and outlining how firms can use it within expectations.

Twitter was very difficult to use under the previous regulatory system as the character limit prevented the mandatory statements if you wanted to say anything useful. With their added remit of ensuring healthy competition this should mean they have to show the way with things like this as consumers do use social media to know more about what is happening in the world.

As an industry we have to go with this trend rather than having a prescriptive set of rules that mean it is not possible to do so.

Dave

Meet the mortgage broker who became a professional footballer

It is nice to read a good news story and he does seem to be a good lad.

It is just unfortunate that he has chosen to play for 1p5wich!

A K Narey

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