Andy Frankish, managing director at Mortgage Talk, explained how the firm may have over-reacted to FSA regulatory changes but after fully digesting the implications eight months down the line it has moved to restore the equilibrium and redeployed staff to concentrate on sales generation.
He said: “The transition to the FSA rules have caused us significant pain but we now feel much more confident to face the future with a renewed emphasis on sales.
“We may have over-reacted a little in our response to the rule changes but over the last six months we have worked to refine our sales processes so that more time is spent finding the right product set for clients prior to arranging meetings.
“This process involves the provision of a professional recommendation and requires a more sophisticated approach than simply using a straightforward sourcing system.”
Frankish added: “It also brings us full circle in that brokers must realise, once they have their compliance systems in place, the most important thing is to source the right products for their clients. But, in order to achieve this goal, they have to bite the bullet and fully review their processes.”
Rob Clifford, managing director of Mortgageforce, said: “All businesses have felt the effects of both statutory regulation and a downturn in the market in general. The main danger is being heavily-focused on one particular area. Sales are a necessity to any thriving business.”
