Jennifer Holloway, head of media relations at Skipton Building Society, said: “The biggest challenge has been entering this new regime with a set of relatively ‘grey’ rules, which we have endeavoured to interpret into black and white to ensure Skipton remains on the straight and narrow path.”
Peter Brodnicki, chief executive at Mortgage Advice Bureau, said: “The most significant change has been a lengthening of the sales process. “Advisers have had to get used to new technology and a whole new sales process which has disrupted the flow of business.”
Bill Safran, joint managing director at Trigold, said: “From sole traders to large networks, a greater focus on the end-to-end sales process from customer acquisition through to compliance oversight and review.
“In particular, integrated technology solutions that satisfy FSA compliance oversight and monitoring requirements have changed from ‘like to have’ to ‘absolutely MUST have’.”
James Cotton, mortgage specialist at London & Country, said: “Regulation has brought a review of definitions used including ‘whole of market’. “Most borrowers would assume that advice from the whole market means just that but it is possible to use this name despite only offering advice from a ‘representative’ panel.
“Contrary to their expectations customers may only receive advice from a limited lender panel.” Mark Fenton, director at Fenton Simpson Financial Services, said: “Regulation has been a utter pain in the neck. It takes up to three-quarters of an hour longer to write a mortgage which results in us having to work harder and longer to earn the same as pre-regulation.”
Paul Brett, founder of Freehold, said: “The most significant change has come in the increasingly precarious position that packagers find themselves in. “Regulation and its interpreters have added a level of unnecessary uncertainty, particularly in the minds of brokers and lenders as to the professional standing of packagers.”
