Kent Reliance’s Mike Lazenby has been critical via the BBC recently, with accusations of building societies buying their way on to the tables and accused them of not giving fair and accurate information.
register for the next forum
During the opening seminar at the recent BSA Conference, financial journalist Paul Lewis, Nationwide Building Society executive director of sales and marketing, John Sutherland and the FSA’s Clive Briault, managing director, Retail Markets were asked on whether best buy tables misled or guided consumers on mortgage products.
In response to the question, Lewis claimed that lenders were deliberately creating or altering their products to get higher placings in the table, but stressed it was important not to blame the tables. Sutherland promoted the idea of aiming for a product in the style of a KFI.
Briault said that any other table would mislead if you didn’t take the time to read them, but part of their purpose was to get people to ask questions. He said: “It is very difficult to put together any sort of table, but if you get people to talk about them that is a start.”
register for 'adviser finder' here
James Cotton, mortgage specialist at London & Country, said: “It depends on how they are put together, they can be useful and are a good way of giving a snapshot of what is available but it is the responsibility of compilers to work through the products that have been specially created for high spots in the table.”
