It is sink or swim time for mortgage advisers facing some of the biggest upheavals of their industry...
It is sink or swim time for mortgage advisers facing some of the biggest upheavals of their industry in modern times according to insurer Legal & General, which today warned practitioners to change their business models in preparation for the changes on the way.
Mortgage regulation, insurance regulation, margin pressure and sellers packs are the main drivers of changes over the next few years, L&G's director of housing marketing Stephen Smith says.
He warns that businesses that want to stay in the game must adapt in order to survive beyond 2004.
In particular, brokers must adopt the use of more IT into their businesses, and get used to systems that guide brokers through regulatory issues.
Smith says the government's 2004 deadline for implementing new mortgage and insurance regulation and the expected new Homes Bill and Office of Fair Trading investigation into estate agents mean there will be nowhere to hide for less "flexible" businesses.
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