A survey conducted by the Association of Finance Brokers has found a majority of brokers think the customer is owned by a broker and not a lender in a transaction.
In response, the AFB has reminded brokers of the responsibilities they owe to their customers and has called for a statutory period where a lender cannot market products to a broker’s client. The survey found 88% of respondents thought they had ownership over their clients, as opposed to the lender. The AFB welcomes the findings, but says brokers must work hard to ensure their relationships are in the best interests of the customer, especially in light of recent decisions by the ombudsman. Robert Sinclair, director of the AFB, says: “The issue of who owns the customer is at the heart ...
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