UK Money News
24th July 2008
Which? slams mortgage advisers
Mortgage advisers have been accused of failing their customers with the standard of service they provide.
Which? magazine has heavily criticised mortgage advisers after conducting an undercover study which found that just four out of 50 are giving advice it deems "acceptable".
Among these 35 had failed to check that the client was able to pay the mortgage they were recommending.
Meanwhile, 41 out of 50 did not provide a key piece of information which are required under regulations from the Financial Services Authority, while two-thirds attempted to sell an insurance product at the same time, many of which were deemed unsuitable.
Martyn Hocking, editor of Which? Money, said: "Listening to people’s needs and giving tailored advice should be the bread and butter of a mortgage adviser's job, but too many of the advisers that we visited took a 'one size fits all' approach or seemed as concerned with selling an insurance policy on the side."
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