According to a recent survey by a mortgage company, around 80% of advisers and brokers involved in the mortgage market will leave it before regulation of the sector starts in October this year. The survey was undertaken during the first three months of the year and covered approximately 2,000 individuals.
Our View
The mortgage market has been unregulated for far too long, despite a number of codes of practice being in place. Hopefully, the new rules will mean the serious and professional advisers will stay and the rest will leave. In our view, this can only benefit consumers, meaning they will get decent advice from a regulated market. They will also gain the benefits of increased protection, should things go wrong.