Broker Paul Adams fumed that ‘market research’ companies are simply cold-calling consumers, as well as mortgage brokers, under the guise of market research. He said he has subsequently written to the FSA with his concerns.
Adams explained that during the calls the caller attempts to obtain the consumer’s permission for a company to call them back with regard to discussing their mortgage. Once the permission is obtained, the customer is called again, seemingly by the same company who did the original cold-call. An appointment or further call is then agreed with the end result being a mortgage appointment with a broker.
Adams claimed: “Surely this is no different to me picking up a directory, calling people saying I’m doing market research, getting the permission then ringing them back and generating a mortgage lead/appointment for myself. Why should these companies flourish when brokers are struggling to obtain leads legally?”
On receiving his letter the FSA responded: “We will give careful consideration to the information you have provided. We are unable to provide you with details on any action we may take as the Financial Services and Markets Act 2000 imposes restrictions on how we can deal with confidential information that we receive. It could also prejudice any investigation we may decide to conduct.”
Roy Taylor from Lymm Manor Finance Ltd has also experienced cold-calling at first hand. He said: “On reflection I wonder if my caller had a contact to make third-party calls. Next time I would not hesitate to shop anyone calling me this way and if you are stupid enough to do such crass things, you deserve to be taken out of the industry at the earliest opportunity.”
