There has been plenty of speculation about how the distribution landscape will look at the end of 2007. Consolidation, organic growth and acquisition have all been used to describe the market.
It’s clear that networks must work in the here and now and for us that means ‘Treating Customers Fairly’ (TCF). With the recent warning shots across the bows of directly authorised brokers from the FSA on quality of advice, it’s clear that it will be looking to the mortgage community to embrace the six customer outcomes it sees as the cornerstone of principles-based regulation.
Although TCF is already in practice for many brokers, we can all do more, and it can give a competitive edge.
Networks have also embraced the principles as they don’t just reflect a relationship with a consumer – if the FSA felt TCF was purely for sales people, then it would called ‘Treating Consumers Fairly’. It’s the role of the network to give customers a market where they are able to find the right product at the right price. We do this by working closely with a supplier base we trust and acting as a conduit for feedback from the front line if service levels start to fall.
TCF doesn’t mean that innovation will be stifled. We’ll be working with the principles to develop offerings which will drive our network forward and grow our customer’s businesses.
