Dudley BS marks five years support for whole of market advice

17 April 2019

Responding to the recent Mortgage Market Review, Dudley Building Society, which five years ago took the unique decision, for an established lender, to market its mortgage product range only through mortgage advisers, will continue to champion the principle of ‘whole of market’ advice.

The Society believed that if a product was good enough it should stand or fall on its merits and stand comparison with its peers across the market.

Five years on, the Society’s results have showed a positive uplift every year showing that it’s philosophy is working, according to Dudley’s Head of Commercial, Sam Ward.

She said, “The FCA’s consultation paper is right to question existing norms. However, the principle of independent whole of market advice should be considered as the cornerstone on which customers can rely for unbiased and properly researched recommendations, based on their specific needs and taken from the widest range of possible lending candidates.”

Sam added, “The danger is that once the door is opened to more execution only alternatives, independent whole of market advice will be chipped away and we run the risk of returning to the days when customers had little choice than to accept a product from one provider’s range, which is definitely not advice.”