Are Asian brokers properly recognised in the mortgage industry?

Broker firm bosses claim they are not, industry bodies say they're working on it…

Are Asian brokers properly recognised in the mortgage industry?

Bodies representing the mortgage industry need to better reflect the large number of Asian brokers working in the sector, suggest two prominent business owners.

Bob Singh and Ahmed Bawa have called for organisations such as The Intermediary Mortgage Lenders Association (IMLA) and the Association of Mortgage Intermediaries (AMI) to improve the diversity of their key personnel.

IMLA and AMI have responded, saying they are working to encourage increased inclusivity and diversity in the business.

Singh (pictured left), who is director of broker firm Chess Mortgages, pointed to a ‘huge’ number of Asian brokers working in the sector.

“Look at how many Indian brokers there are in the marketplace,” Singh told Mortgage Introducer. “I go to a lot of networking events, run by the various clubs and things, and there's a very high concentration of Asian brokers in the space. I feel they're not really recognised enough. There's not enough brown faces in IMLA or the regulatory bodies, to represent the Asian sector of the broker market. I've always felt that.”

Singh, who has 41,000 followers of his TikTok account, The Mortgage Maharaja, has considered addressing the issue himself, by setting up his own representative body.

“I even thought about forming an Asian mortgage brokers alliance, where we work together,” he said, “maybe form a separate network, because I felt we were under represented. We could all learn from each other, and help each other grow, because that support isn't there at the moment, I'll be honest with you, even from the networks.”

He added: “Obviously a couple of initiatives are going on in the whole business, for the diversity aspect. It's good talking about it, but let's see it in practice.”

Meanwhile, Ahmed Bawa (pictured second from left), CEO of brokerage Rosemount Financial Solutions, declared that an industry body should mirror the diverse make-up of people in Britain today.

"Asian representation within IMLA is essential to reflect the diversity of the population it serves,” Bawa said. “The Asian community constitutes a significant proportion of the UK population, contributing substantially to its economy, culture, and society. However, this demographic remains underrepresented in leadership roles and decision-making bodies, like IMLA.”

Bawa believes greater Asian representation could even enhance innovation in the mortgage industry, with offerings specially tailored to their community.

“Increased Asian representation would foster inclusivity and bring unique perspectives shaped by diverse cultural experiences,” he reasoned. “This diversity could drive more innovative solutions and strategies, enabling the intermediary market to better understand and cater to the needs of underrepresented communities. For example, it could lead to the creation of products and policies more attuned to the financial habits and challenges faced by Asian households.

“Moreover, representation promotes trust and engagement within communities. Seeing individuals from similar backgrounds in leadership roles inspires confidence and motivates others to participate in the industry. It also underscores the industry's commitment to equality, fairness, and diversity, aligning with broader societal goals."

Broker Jessica Rehal (pictured centre) supports Singh and Bawa’s call to action.

“As an Asian Broker it would be good to see diversity and see a representation,” Rehaal commented, “so that our views can be heard.”

She pointed to some lenders not understanding that Asian families live together, and that they may not buy a residential property before buying a buy-to-let.

“However, if there was more representation then there would be more understanding around the issue,” Reehal added.

Read more: "I was told I wouldn't be able to be a mother and work in mortgages"

What do the bodies representing the mortgage industry say?

Kate Davies (pictured second from right), executive director of IMLA, said that as one of three trade associations representing mortgage lenders - the others being UK Finance and the Building Societies Association – the organisation is particularly aware of the enormous contribution made by mortgage intermediaries, who introduce almost 90% of mortgage customers to its members. 

“We welcome the fact that many of these intermediaries are from Asian and other ethnic backgrounds, as this reflects the communities which they - and our members - serve,” said Davies. “We are working with our partners at AMI to encourage and support increased inclusivity and diversity in our industry.”

Davies added that both organisations have jointly set up the Working in Mortgages website as a resource hub, featuring a mentoring scheme which offers practical help to those who wish to further their careers in the mortgage world.  

“Progress may look slow from the outside, but we hope it is steady and moving in the right direction,” she said.

Also acknowledging Working in Mortgages, Robert Sinclair, the outgoing chief executive of AMI, said the initiative is a ‘serious attempt’ to address DE&I in the sector. He urged people to get involved with AMI.

“The AMI board positions are open to election by the membership on a regular basis, and all members can stand for election,” noted Sinclair (pictured right). “We also encourage all interested in the organisation to join our committees and working groups to ensure we have as complete a market view as possible. We need people to step up.”