With the market currently engulfed in a funding crisis, and the Financial Services Authority (FSA) stepping up its enforcement action, Robert Hunt, chief executive of Paradigm Mortgage Services, stated that brokers would be looking for compliance support and other incentives, rather than exclusive deals.
He said: “The market will need to restructure and compliance support will be used by brokers more. IT solutions will also improve and brokers and distributors will be looking less at exclusive deals and be looking at more what can offer lasting ties and partnerships.”
He added that with the FSA’s ‘Treating Customers Fairly’ (TCF) approach currently being reviewed, intermediaries, both appointed representatives and directly authorised, would be looking at forging lasting relationships with key organisations, rather than quick fix solutions.
A broker, who wished to remain anonymous, added: “I use different channels for my business, including distributors and packagers, but with the FSA breathing down my neck I want someone that is going to help my business more. It’s not always about securing the best product and highest proc fee.”
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