Thank you for your support and comments Sparky. Perhaps I should have said IMA (Independent mortgage adviser) rather than a broker:) If you live within the industry you have a focused understanding of lenders and their criteria with no other distarctions.

My post was not inteneded to seem cap in hand but information for Joe bloggs who is unaware of how their access to advice is being undermined with the collaboration of the banks and the FSA. If you were aware of the disclosure of the number of complaints against banks and the number that were upheld you would realise that the continued dominance of the lenders hold on the direct market is completely against the FSA's theory of Treating Customers Fairly. I am happy that most customers will seek advice but my responsibility is to find the best deal for them. I today have told someone to go to their bank (HSBC) to see what they will offer them, based purely on rate. If they need advice I can't give them any because HSBC criteria is not available to us IMA's.

I myself have dozens of clients hanging around on low variable rates until the market recovers and this of course hinders recycling deals and I have been using insurance sales to keep going as all the survivors are. The real issue is that if lenders price advisers out of the market and there is not a level playing field then advice will be non existent and possibly over 50,000 people looking for new jobs??? The government or BoE could create that level field but hang on though the worst offenders are now government owned. Strange that???

Hi Ian,

I'm a fan of IFA's and don't trust banks. You just have to read a few threads on this forum to see why you should be suspicious of them!

Whilst being numerate and literate, I do not know enough about the market to always be sure that what information I have access to would equal that of my trusted IFA.

I do not trust the banks that I use beyond completing automated tasks (like DDs/SOs) and even this is limited with their ability to mess this up.

This is where there has been a change in the general public opinion of late. More people are not trusting their banks to provide them with good advice. In the past most people assumed that the bank would provide you with good advice having previous generations growing up knowing the bank managers etc

I have been using my IFA for the past 6 years, but given my current mortgages being tied in until next year in February and end of December there is not much work that I can put her way, and I think that this is one of the reasons for the decline in the need for your services.

There has been little activity in the mortgages market and therefore the associated insurances deals also.

I recommend on my posts to seek an IFA as this should assure that there is no conflict of interest in offering an organizations own products which are often more expensive than others available.

Even with the above and my support an IFA is only as good as the advice they give, and sometimes there can be a lack of trust which would slow the number of recommendations that would be generated.

I know that I have recommended my IFA to others and do so as I have built up this trust. However I recognize that not all IFAs are equal.

I have been careful in my post to state an IFA rather than broker, as I'm not so keen on 'brokers'.

I think the community here appreciates the advice that yourself and other IFAs/Brokers have given, and hope that you continue to do so.

Sparky.

I feel that I should let everyone know how the markets are working at the moment and the effect it is having on mortgage brokers and your access to independent advice.

Advice not only helps you find the best deal but also the most suitable. Our efforts ensure that your mortgage is affordable, this is the most important factor, as well as being suitable. You may want flexibility you may want payment holidays, interest only options as well as many more. You would want to see all mortgages available today and be involved in deciding what is best for you. Well in todays market the banks and your so called consumer regulator have deemed it fit for banks to absolve themselves from blame should your mortgage product turn out to be unsuitable. This has been achieved by changing a non-advised sale to execution only....which means that if it goes wrong it's your fault and not the banks. This seems to suggest that banks were themselves to blame for the appalling state of the market in the first place. If you use a broker, who to be honest does not have access to lender direct rates, you may pay a litlle more per month but you will have the assurity that all your circumstances have been considered and you will have recourse if the broker has mis-advised. In the climate we have now with repossessions and poor performance of flexible mortgages, you have recourse if the product was advised, execution only avoids the responsibility and in itself will encourage the bank to make a "sale" along with the insurance products that you will inevitably be pushed to take. We as brokers are petitioning to present a level playing field in respect of deals being offered, you will still have the choice of seeing a broker or walking into each bank to seek advice but I believe that consumers would prefer the choice through independent advice.

The message is to see a broker and avoid the banks....this way they will be forced to offer deals to the consumer through brokers.

It is simple are you financially aware enough to decide what is best for you? Do you require advice and protection? Are you appy with letting a sales clerk decide on your biggest financial venture???

One last thing, I and many brokers have provided much advice on this forum, but the past months have taken their toll. Many brokers have been forced out of the field and many of us have to work so hard to achieve business levels we need to simply survive. The forum has suffered because of this, but there is an opportunity to turn this around....See a broker to ensure the industry does not become unprotected and left in the hands of the banks that were to blame in the first instance.

Thank you for your time.