In the Spotlight with Julie Gregory, Norton Broker Services

FR: Norton Broker Services recently reported a record-breaking first quarter – what has led to this great start to 2015?

I think the main reason for this is the extensive lender panel we have for both secured and unsecured loans, with most customer circumstances now being considered by our lenders. The ever improving product ranges including increased loan to value ratios, reduced rates and improved plans combined with our market leading conversion rates has resulted in the exceptional results achieved in Q1.

FR: How do you think upcoming changes to regulation will affect the secured lending market?

The changes in regulation should be viewed as a positive step for the second charge market. However it will be a massive change to the way secured loans are sold. Secured loans are traditionally sold on a non -advised basis and changing to advised sales could pose a challenge for some firms. Brokers will need time to get used to the new MCD requirements and the changes could lead to longer loan processing times.    

FR: What challenges do you feel are most affecting brokers in the current economic climate?

I think the smaller brokers will find it a lot more challenging to be regulated by the FCA than previously under the OFT. For firms that are not already authorised by the FCA, the authorisation process and to comply with all the high level rules and regulatory obligations will be an ongoing challenge and likely to increase costs. 

FR: With record low rates continuing, what products should brokers recommend?

I believe that with record low rates continuing brokers should still consider selling fixed rate products. However with more lenders now offering lower variable rates these products could be more attractive as rates would have to increase quite substantially before the fixed rate becomes the better option.   

FR: Have you got any big plans or exciting news coming up for Norton you can tell us about?

We will shortly be launching our new revamped consumer website and over the coming months we are making improvements to our broker website to make it a lot more user-friendly.  We are currently reviewing our existing in-house secured loan products and hope to launch some new products soon.    

FR: If you weren’t in the financial services industry, what would you be doing?

I would probably have my own tea rooms somewhere on the coast or in the countryside.