While children up and down the country start their lists to the big man in red, I thought it might be a good time for those of us in the financial services sector to make our own Christmas wishes.
2016 is set to be a big year for the second charge industry, and no doubt a busy one. Once the Christmas break is over it’s a case of all hands on deck to ensure the market is ready for the Financial Services Authority to take on full regulation of the sector in March. Remember, we need to manage our pipelines so in reality master brokers and lenders are likely to move to the new regime in early February.
So while we have a little bit of breathing space, what is it we’d like to wish for over the next 12 months?
For me, my wish is simple. After months and years of working to bring the second charge sector in line with its first charge counterpart and encourage mortgage brokers to see secured loans as just another product in their tool box, my wish for 2016 is that the industry finally comes together and embraces second charge.
I’d like to see lenders, master brokers, networks and DA brokers work together with a cohesive approach to secured lending. I’d like to see enthusiasm and engagement across the industry to ensure we are all on the same page and ready to make the new regulation a success.
I’d like to see the sector prosper as a result. I am not naïve. I am sure there will be some teething problems and no doubt we’ll hit some hurdles along the way, particularly when everyone has to adapt to the new processes. And we’re bound to come up against some challenges, particularly in relation to things like fees as we all get to grips with the new environment we’re operating in. But, if we take a positive, joined up approach I’m sure we can make 2016 a successful one for the second charge sector, lenders and mortgage brokers alike.
Of course, while we’re making wishes I’d also like a Lamborghini and the deeds to Necker Island, but one shouldn’t be too greedy…
