Alleged conditional selling by estate agents, high net worth mortgage brokers and the best networks in the market were among the most talked about subjects by advisers on the cherry industry forum in August.
The most popular thread looked at the complex area of vulnerable clients following the introduction of Consumer Duty and its related requirements on 31 July.
Meanwhile, procuration fees were once again a popular topic for advisers, resulting in discussions about what they felt was a fair fee for a product transfer.
Cherry says this comes at a time when more mortgage borrowers are turning to product transfers because they are finding remortgage options becoming limited.
Cherry director Donna Hopton says:“As the cherry broker forum is a trusted arena for intermediaries to discuss matters with their colleagues across the industry, it will surprise no one that Consumer Duty was at the heart of the most popular thread last month.
“Of course, all advisers want to be able to recognise when clients may be vulnerable and act accordingly but there is a substantial degree of concern and frustration over Consumer Duty ‘requirement interpretation’ around vulnerable clients.
“Not only do advisers fear risks for clients but also for themselves.”
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