A third of delegates at the Financial Services Expo in Glasgow still feel they would be unable to competently provide advice on a second charge loan despite the upcoming implementation of the MCD.
When asked if they could “competently give advice on a second charge loan” 37.5% of delegates in the morning seminar replied that they could not.
This is despite over half (62.5%) saying they felt that seconds had a strong place in the market.
Alistair Ewing, managing director of The Lending Channel, said: “It is a worry that so many advisers still don’t feel able to advise on second charge loans.
“Whilst 37.5% said they would not be able to advise on this today I fear that if the same poll was conducted in the wider market the figure would be much higher.”
FSE Glasgow is taking place at the Hilton, William Street Glasgow until 5pm today.