The big squeeze on household credit is hurting Britain's army of personal financial advisers, who face a sharp downturn in revenues as lenders withdraw products and close the door to new customers, The Times reports.
Two thirds of the nation's mortgages are sold through independent financial advisers (IFAs) and mortgage advisers, and turmoil in global credit markets is hitting their businesses. Adrian Kidd, of Unleash Advice Partnership, said: “It's an absolute disaster and a minefield out there at the moment. Companies are pulling stuff from the market every day now. Brokers don't seem to want anything over £1m on their books.” There are about 30,000 IFAs and a further 30,000 mortgage advisers, but a rapid retreat by lenders from the market has reduced mortgage products available to the advisers ...
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