Rod Murdison, proprietor of Murdison & Browning, said he was worried the influence of the EU could adversely affect the broker market, as the role of the broker in the European market has not developed compared to the UK. He said current regulation already penalised small brokers and European influence could make things worse.
He added: “I’m afraid there could be some covert political will to become more like the rest of Europe, where the role of the broker doesn’t really exist, as borrowers can only get a mortgage from banks and they all have the same deals.”
Thomas Reeh, chief executive of blackandwhite.co.uk, agreed EU influence was a potential problem. “We are being increasingly influenced by EU decision making. But the UK broker market is unique and I’d hope to maintain our autonomy, as we have a very successful market.”
However, Steve Brockman, director of A2B Mt Co, said the government has always wanted customers to be able to get advice and was unlikely to change that view. “Even if we do go down the EU route, brokers will remain essential.”
