Clarification of mortgage broker sales practice from FSA

Mortgage intermediaries will not be required to recommend their clients products or lenders that are inaccessible to them, according to the Financial Services Authority (FSA).

The clarification is likely to come as good news for those in mortgage intermediary sales jobs unsure of what will be permitted under new FSA fair practice proposals for the industry.

This announcement follows discussions undertaken by the Association of Mortgage Intermediaries (AMI), after concern was raised over FSA rules concerning the sale of mortgage products.

Commenting on the announcement, director general of the AMI, Chris Cummings, remarked that many intermediaries will be "grateful" for the clarification.

He said: "Much of our work has necessarily been behind the scenes but members will know it is better for their trade body to be effective than simply to be loud.

"Across the market, the differential between branch and intermediary offers has narrowed considerably - and in some cases favours the intermediary again."


As a recruitment provider to many of the UK's major banks, mortgage lenders and building societies Aaron Wallis have a deserved reputation within Financial Services recruitment. Their dedicated FS consultants recruit sales professionals across Retail Banking and Financial Services including IFAs and Mortgage Broking.

Filed: 24-06-2008