Carl Wright, managing director of Cartel, made the suggestion this week while promoting his company’s joint venture partnership with Friends Provident.
He said: “Only one in ten industry brokers are of appropriate quality to get through our selection process.” He added that his firm usually attempted to recruit from outside the mortgage industry.
However his views were rejected by industry commentators. Tony Jones, managing director of Skipton-owned Pink Home Loans, said: “This is insulting to most brokers. This is just about trying to grab some headlines, there is clearly no basis to what he has said.”
Referring to last year’s survey Jones said: “I hope his selection process is better than his research.” He added that it was clear that 80 per cent of brokers had not left the market in the wake of regulation.
Sally Laker, managing director of Mortgage Intelligence, said: “This highly underestimates the calibre of brokers across the board. While there are differing criteria between the various networks this is a sweeping statement. To whom are they comparing their brokers?”
Bill Warren, director of The Complete Network, said: “It is difficult to judge this comment without seeing the details of the selection process, but nine out of ten is quite presumptious.”
Cartel has announced a three-year distribution agreement with Friends Provident. The brokerage will sell level and decreasing term assurance and critical illness through Friends Provident’s eSelect Protection proposition.
Simon Clamp, director of UK distribution at Friends Provident, said: “This is an important single tie for Friends Provident and we are delighted to announce this distribution agreement with Cartel.”
