1. Regarding your attitude towards the forthcoming regulation by the F.S.A. of the Mortgage Industry, are you:-
a) Considering becoming an Appointed Representative of a Principal Status Company?
b) Considering Direct Regulation with the F.S.A.?
RESULTS
73% were considering becoming an Appointed Representative
22% were considering Direct Regulation
5% were undecided at the present time.
2. Regarding the forthcoming F.S.A. regulation; do you consider that this will result in a greater or lesser administration burden to your brokerage?
RESULTS
89% stated it would be a greater administrative burden
11% stated it would be less of an administrative burden.
3. Is the Non-Conforming sector of the market, (self-cert and sub-prime) an area in which you wish to write more business?
RESULTS
91% answered - Yes
9% answered – No
4. To those Brokers who answered YES to the above question, why do you wish to write more business in this sector of the market?
RESULTS
81% said it was due to the high proc fees
13% said they felt it was the fastest growing sector of the mortgage market
6% said they enjoyed being able to genuinely help their needy clients.
5. Regarding the charging of Broker Fees to clients:- Do you currently charge Brokers Frees to your clients?
RESULTS
68% said they DID NOT charge fees
21% said they sometimes did, depending on the individual case
11% said that they always charged fees and that their business depended on it.
6. Of the 32% who answered YES to the above question, e.g., they sometimes or always charged Broker Fees to their clients, when advised of the E.M.S. philosophy regarding NO BROKER FEES, whatsoever, and then asked whether they would reconsider the charging of fees, they answered:-
RESULTS
40% of Brokers said they would reconsider fee charging, depending on the benefits of E.M.S. membership.
60% of Brokers said they would not reconsider.
7. What are your attitudes towards the selling of Single Premium A.S.U. (Mortgage Protection) products within the non-conforming market?
RESULTS
62% said that they would never sell single premium A.S.U.
31% said that it depended on the individual case
7% said that they were in favour of selling single premium A.S.U.
8. How do you view the general level of service by Brokers, provided to clients in the sub-prime market place - Very Good, Adequate or Poor?
RESULTS
79% said they felt it was poor
14% said they felt it was adequate
7% said they thought the level of service provided was very good.
