Distribution partners should be supporting firms on regulatory matters, argues Phil Whitehouse, head of The Mortgage Alliance (TMA)
Inevitably much has been said about the FSA’s recently released Mortgage Market Review consultation paper on the role of intermediaries and improving disclosure of information for customers. After taking some time to digest this, on the face of it, there are several good points attached to the MMR and the result has been a reasonably positive reaction from some sectors of the market. The trade bodies have broadly welcomed the initiatives outlined but with some concerns and appear to be holding back somewhat until the full ramifications unfold.
A prime example of this is the response from Robert Sinclair, director of AMI, who said: “We welcome recognition by the regulator of the important role played by intermediaries in the mortgage process and how they should remain at the heart of the industry. With the creation of a level playing field for the industry the proposals may drive up the cost of banks delivering mortgage products direct. This could be good news for intermediaries who could see a rise in activity from their clients due to a reduction in direct deals. And good news for consumers who value the independent advice they receive when applying for a mortgage. However
