Page 5 - Bridging & Commercial Magazine Issue 5
P. 5

 Knowing this industry well, I can imagine that after briefly eyeing the words on our front cover, you flicked straight to this issue’s central story \[p34\] to find out whether we are hosting a sensational end-of-summer bash. Definitely our style but, unfortunately, not the case. The bar we are referring to currently has no location, no guest list and the party has no set date. But we do need you to RSVP with your preferred minimum entry requirements. “At the moment, any lender can register a charge and start lending,” asserts one professional in this issue’s cover story, which explores the full impact of having a low barrier to entry in the bridging market. We look at a range of ways we can help create and raise this invisible bar in order to uphold the reputation and standards of the industry, which have been carefully built over the past decade, and whether tighter self-governance or full-blown regulation is inevitable. Something else which we, as a sector, need to collaborate on is the supposed default interest fee problem. While there has been industry outrage about purported extortionate fees being charged, our research \[p28\] uncovered a somewhat different picture. However, an improvement in the standardisation of how these default interest fees are presented, charged and labelled, to brokers and their clients, could help to stamp out the lenders’ practices which are causing the commotion on LinkedIn. Although actually naming them would get this moving a bit quicker... In lighter news, this issue brings together Liz Syms of Connect Mortgages and Chris Whitney of Enness to converse on how to grow the market in a sustainable fashion, where responsibility lies for brokers and at what stage the wider financial services market is with regard to being fully aware of our specialist space. We also spent a day at Project Etopia’s new modular housing construction site in Corby, Northamptonshire, where we climbed scaffolding and trudged through the wind and rain to examine the interesting differences between these developments and traditional housing, all in the pursuit of how this emerging sector can benefit you. As your industry’s voice, we are here to promote the progress of professionalism in the market (in addition to talent diversity \[p70\] and competitive and long-term funding strategies \[p24\]) to ensure it continues to be an sector that benefits all, not the few. Something I am hoping our own government will lead with when it comes to 31st October. Beth Fisher Editor-in-chief           3  Sept/Oct 2019 

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