Their greatest concern is the effect of regulation, due in October. They fear that the FSA’s administrative systems may break down causing widespread business disruption.
Intermediaries are also concerned about choosing the right network to join, and the potential damage caused by joining the wrong one, if they elect to become appointed representatives.
More optimistically, they do appreciate that the business is becoming increasingly professional. 84% of those questioned also predict that 2004 will be an even better business year than last year.
Researchers spoke to more than 350 visitors to the Mortgage Business Expo at Earls Court in November last year. They found that 96% of interviewees were likely to return to events this year. As well as visiting the event to see exhibitors and keeping updated on regulation, other reasons given for attendance included finding out about new products, meeting ‘principal’ companies and attending seminars. Results also showed that they considered the event an essential networking opportunity in an industry where working practice is often considered fragmented and isolated.
Overall it appears that intermediaries are prepared to consider broadening their businesses, suggesting that they would be interested in seeing general insurance, life assurance, income protection assurance, pensions and investments at future exhibitions.
Asked to list the hot issues in the industry, these were the most common responses:
- Buy to let
- Non status
- Self certification
- Sub prime
- Capping commissions
- Mortgage switching
- Re-mortgaging
- Rate differences (branches v brokers)
- On-line (will the new regulations damage it)
- Poor service from lenders (call centres)
- Fee charging (will independents be forced to charge a fee)
- Equity release
- Long term fixed rate mortgages (American-style)
- Reason-why letters
- Ethnicity
- Islamic mortgages
The organisers Clarion Events are holding their first Northern Mortgage Business Expo in Manchester in May after 5000 visitors made last year’s London event the biggest mortgage industry gathering in the UK.
Show director Andy White said: “The research has been invaluable in pin-pointing the issues our visitors most want to discuss. I am sure that they will be the topics of conversation in the seminars as well as on exhibitor’s stands.”
