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FCA must address estate agents lying to borrowers – Star Letter 12/04/2019

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  • 12/04/2019
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Each week Mortgage Solutions and its sister title Specialist Lending Solutions select the most thoughtful or thought-provoking comments from our readers in our Star letter.

 

This week’s top comment came from Paul Fielding, with his response to the article: Using price alone, the FCA appears to have confused cheapness with value for money – Marketwatch.

He said: “Good article and all very logically put.

I’ve said it so many times, the only way for the Financial Conduct Authority (FCA) to fully understand how our job works is to actually do our job, which will never happen.

It’s like me changing a fuse and claiming to know all about electricity – the two can never equate.

It’s a great point about estate agents’ advisers too.

While the advisers might in themselves be sound practitioners, surely the issue here is that the agent themselves are culpable for lying to purchasers by telling them that the only way they’ll get the house is if their adviser gets the mortgage business – surely that is illegal?

Come on FCA, answer that particular question.

Thankfully my clients, some who’ve been with me from year one and those who are new to me, all appreciate the great job we do.

Being about to go into my thirty third year in this job, I am very proud that I don’t have to chase business – it chases me.

I’m delighted to be able to recommend lenders, if best advice to do so, from across the whole spectrum, and my key performance indicators (KPIs) reflect that.”

 

 

 

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