Broker network, New Leaf, has backed the 24 Hour Product Withdrawal Pledge campaign launched by brokers Riz Malik, Lewis Shaw and Jamie Lennox.
The Pledge hopes to improve communication between brokers and lenders, eliminating the issues caused by sudden withdrawals.
It asks lenders to commit to giving advance notice of any product changes, improved communication and further broker support, in order to foster a more productive relationship between lenders and brokers, particularly during turbulent periods within the industry.
Daniel Hobbs, managing director of New Leaf, said: “New Leaf backs the 24 Hour Pledge. We understand the challenges in the market at present but it very important that lenders are mindful of the impact they are having not only on advisers but also our consumers when withdrawing products at very short notice.
“With Consumer Duty around the corner, the 24 Hour Pledge from lenders gives them a chance to win back confidence and trust within the industry and wider market.”
Riz Malik, director of Southend-on-Sea-based independent mortgage broker, R3 Mortgages, and co-founder of the Pledge, added: “It is great to have the first network onboard supporting the 24 Hour Pledge.
“We have had an amazing response from the broker community and, with the support of the networks, we can open more doors. Well done New Leaf. I urge others to join the movement.”
For further information about the Pledge, its LinkedIn page can be found here.
