Paul Brett, spokesman for Freehold said “ As we predicted earlier in the year, the changes to the market since regulation have meant that regional packagers acting on their own are at an increasing disadvantage to their larger competitors. The new regulatory framework has meant that smaller packagers have lost out to larger competitors who have been able to get onto the panels of the new mortgage networks for appointed representatives. Equally, lenders have been more reluctant to deal with smaller packagers post regulation after concerns over their regulatory status and larger packagers have been able to command enhanced products and procuration fees.
He went on to warn packagers to ‘sit up and smell the flowers’ and added “Packagers must join together in order to access better products and services for their clients. We must also be able to respond effectively to the challenges that the new regulatory regime has placed on the market. Through Freehold, packagers have a chance to operate on a level playing field with larger competitors without losing their independence.”
