There has been something of a backlash against using complaints data against advisers, meaning the service is more likely to be a listing service, detailing what products brokers advise on, rather being than a comparison tool.
The FCA’s mortgage broker directory won’t separate the best brokers from the worst as originally intended, says Robert Sinclair, chief executive of AMI.
Since the FCA unveiled its Mortgages Market Study Interim Report in May last year there has been something of a backlash against using adviser complaints data.
This means the service is more likely to be a listing service, detailing what products brokers advise on, rather than being than a comparison tool.
Sinclair (pictured) added that the voluntary directory, which is being developed by the Single Financial Guidance Body to sit alongside the Money and Pensions Service, is likely to take a year to deliver.
Speaking at FSE Manchester today, he said: “[Initial thinking] to allow customers to see who the best brokers are versus the worst… [is] not possible.”
He added: “That is going to take over a year [to deliver] because the data that falls into that has to come from the new FCA register and the new FCA directory will be a directory of all the people authorised to sell mortgages in the UK.
“Until that is built and delivered you can’t draw it out into the MPS system in order to get the [mortgage adviser directory] delivered.
“So, there’s a long lead time on this. But we will get there.”
According to Sinclair the directory will detail how brokers provide services, whether face-to-face, by email and/or online for example.
Rather than there being complaints data on the directory firms will be asked “Do you have some form of tracking service that monitors your performance – Google perhaps or other analytics – that allows customers to feed back on your service?”. This would be in the form of a link so that customers could review the analytics to see how good the service is.
