Intermediaries must register on A&L’s website and indicate they will submit at least two cases each month to remain registered. But some advisers are angered that this will compromise their independent status.
Steve Pett, who runs IFAbonus.co.uk, said many of its users had expressed concerns about A&L. He said: “If you’re an IFA or broker you can’t work with a lender that insists you place a certain amount of business with them and still say that you’re independent.”
One complaint sent to IFAbonus said: “Consider the FSA review in 2005 and ask ‘Why did you recommend A&L Mr IFA?’
‘Well I needed to be able to use them for some cases or else I couldn't say I represented the whole of market, could I’.”
Brian Lentz, principal of Portfolio Insurance Consultancy & Mortgage Broker, said: “The worse of it is that A&L will only allow an ‘e-mortgage’ where the survey is paid by a credit card. This means a young single mum client who has avoided the temptation of credit has problems.”
Merhdad Yousefi, head of intermediary mortgages at A&L, said: “With regulation coming in we can’t register people that have no intention of doing business with us. We can say that if an intermediary places at least one case a year with us we are not likely to strike them from our register.”
