I have a feeling Which? may one day rue this decision.
I have written quite a long piece on the consumer body’s move into mortgage advice on the column I write on FundsNetwork with the URL here. http://tinyurl.com/35roe8s
Since then however, the story has developed. I am not surprised that Which?, following their own logic (which I think is flawed), believe they could move into full advice.
Any mortgage service would have to include protection which means they have taken a couple of steps towards being an IFA anyway.
But if I am skeptical about the mortgage advice service, I really can’t see the IFA idea as having any legs at all.
I just don’t think a full CAR charging qualified IFA service is going to fit with Which’s model at all. I cannot see them getting around the logistics – well unless they completely redesign their organisation and I think it is brand stretch too far.
And a final thought on the mortgage side – have they thought about what they would do if they were inundated with inquiries? (With half the mortgage brokers in the UK trying to charge fees.) That is of course when things can go very wrong.