"We're not just broking the best product – we're advising"
As part of a panel session at the event, chaired by Alex Hammond of seminar co-hosts Square 1 Media, speakers emphasised that advisers provide far more than simple product matching. Sam Kirtikar, CEO of The Mortgage Broker, stated, "We're not just broking the best product – we're advising, and ultimately giving people a personalised service understanding complex financial solutions."
The panel addressed proposed FCA rule changes potentially allowing borrowers to engage with providers without mandatory advice, a move they collectively viewed with scepticism. Matt McCall, chief risk and compliance officer at L&C, warned this could potentially put consumers at risk, noting the regulator's own data shows 25% of UK consumers have financial literacy concerns. McCall suggested it would undo the work done by the Mortgage Market Review in 2016. He argues that, while there is ‘definitely room’ for execution-only: “If they’re pointing out that one in four customers in the UK have got financial literacy problems,” making it simpler for customers to obtain mortgages without advice was an ‘error’. Kirtikar agreed, although said there was ‘no reason’ for advisers to panic, suggesting the move was part of the regulator’s drive to understand the impact that technology, particularly AI, had on the advice process. He said:
“I think the FCA have had problems with understanding […] how to police advice via technology and AI. And I think by streamlining the more vanilla cases, then it gives them more time to work out how to handle that.”
The panel highlighted brokers' unique value proposition: navigating an increasingly complex mortgage market. As Kirtikar continued, "Customers want value. They want speed, they want certainty."
Hannah Oades, head of network and club distribution at United Trust Bank, agreed, noting that advisers’ value laid in ‘understanding complexity’ in cases. She concluded:
“It’s about understanding the context and eligibility of that customer and their specific life circumstances. There are thousands of options – we could all choose an option, but is it the right one for us? And I think speaking to an expert is still the best way you could decipher that.”
Alex Hammond said: “The panel were clear that there’s no reason for advisers to panic – but every reason to reinforce the value they bring. A quick show of hands showed that almost everyone preferred to be known by the term ‘mortgage adviser’ over ‘broker’. And rightly so. Broking can suggest a simple transaction. Advice is different – it’s proactive, personal, and rooted in empathy. Advisers help people make the right decision based on real lives and real circumstances. That’s not something an online form or algorithm can replace.”
