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 fr...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
