West Yorkshire Money managing director Adele Forbes said: “The mind boggles with this blame society of passing responsibility for clients making a wrong decision, similar to complaints over early redemption penalties.
“Advisers assess and recommend the needs of clients at the time of advice. Unfortunately, we do not have a crystal ball on what the future holds, especially when new administrations enter government.”
But while many brokers expressed frustration, EHF Mortgages managing director Justin Moy noted that if a broker was doing their job correctly then they should have nothing to worry about.
“Reasons for any particular product recommendation should be clearly shown in the mortgage adviser's recommendation report, so if it was due to price, features, future plans, whatever the situation, there should be a clear reason any mortgage product was taken,” he said.
“This approach should stop the vast majority of mortgage borrowers looking to chase compensation. And if the borrower arranged their own product transfer directly with their own lender a few years ago, there is no recourse either, as that would have been without advice.
He added: “This is even more reason to engage with a professional adviser, even if you think a new deal is straightforward to organise.”
jane.matthews@ft.com
