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‘Advice market never has period of stability to allow FCA rules to bed in’ – Star Letter 14/12/2018

  • 14/12/2018
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‘Advice market never has period of stability to allow FCA rules to bed in’ – Star Letter 14/12/2018
Each week Mortgage Solutions and its sister title Specialist Lending Solutions select the most thoughtful or thought-provoking comment for Star Letter.

This week’s top contribution is from AK Narey for his response to the article: FCA wants to change mortgage advice rules – Sinclair.

He wrote: “The FCA is constantly looking to change the advice market and we never seem to have a period of stability to allow the rules to bed in before the rules are amended again.

Perhaps they feel that constant change justifies their fees?

By and large, mortgage advisers do a very good job in helping our clients to navigate the mortgage process, whether they are first-time buyers, older borrowers, clients with complicated income structures or ‘interesting’ credit histories.

We provide a professional and regulated advice service and I am not convinced that the regulators understand the value that we provide.

Technology and automated advice is not the solution for everyone and I am not the first to say that people do like to talk to an expert before making a significant financial decision.

In my view, technology should be a tool for advisers to utilise and not a replacement for our skills.”

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