The first comment was from Stuart Phillips, in response to the article: Regulator rejects complaint about advice firm’s ‘whole of market’ claim
He said: “I agree that brokers should be able to advertise whole of market if they access all lenders available to them, but it doesn’t change the fact that the term ‘whole of market’ doesn’t mean what a customer would expect it to.
“If you have to explain that something doesn’t mean, what it sounds like it means, then maybe the term needs to be changed?”
He added: “Simply change the text in the initial disclosure document to ‘single provider’, ‘limited providers’ and ‘all available providers’ and list the lenders you can or can’t access.”
Phillips also commented on the article: Application to completion failures should not be so high – Clifford
He said: “It simply comes down to communication.
“Brokers need to be able to better communicate with lenders over what’s acceptable, how they perceive something, what their appetite is.”
“It’s more complex than criteria, affordability and rate, tools that address these three points are not sufficient for a vast majority of cases.
“However, as things stand talking to just one business development manager might be 30 minutes of work, maybe longer,” he added.
Phillips said: “How many lenders can a broker speak to before that case simply stops being profitable, I bet it’s not all 50+ of them.
“Fix this issue of communication and you will see more cases going to the right lender first time.”
Property management concerns
Arron Bardoe added to the discussion of the article: Ground rent scrapped for extended leaseholds in property law reform
He said: “How will freeholders be reimbursed for their work if ground rent is removed?
“For example, freeholders will normally co-ordinate the insurance of the block of flats but will no longer receive any payment for this service.”
Bardoe added: “It may move more leaseholders to see their right to manage, but these schemes only work if some of the leaseholders are prepared to do all the work on behalf of their neighbours. A freeholder who is separate from the leaseholders can sometimes be a good thing.
“If the freeholder is not receiving a fee, which incentive have they to do anything at all?”