An update from Checkmyfile

Fair play for reading and listening to the feedback from the mortgage industry in particular. As always, if they had communicated with their audience before making any changes, it would have caused less uproar in the community. At the moment, most brokers feel threatened in many directions - the potential move to direct sales, tie-ups between challenger banks and larger broker firms, the use of technology and apps to bypass the smaller firms, and consolidation amongst the industry. The list is endless. Referrals to a credit agency that becomes a lead generator for larger broker firms with deeper pockets naturally put mortgage brokers on the back foot. I hope this move goes some way to put one of those fears behind us.

Having been caught out multiple times before marketing to introduced clients, the trust CheckMyFile is claiming to respect has been long broken and eroded. Whilst co-branding the landing pages will be beneficial, whatever is said to the contrary the data collected about a client's mortgage journey and timescales is clearly collating data to utilise in campaigns to monetise that and take clients away from the introducing partners. If, as CheckMyFile state, they will not in any way market mortgages to those introduced clients, then there is absolutely no need for these additional questions to collate so much data around their mortgage circumstances. Sadly another case of biting the hand that feeds.

It is good that CheckMyFile has clarified its position, but as a broker there will still be concerns about any risk of clients being marketed to elsewhere after a referral.

I understand the commercial reality and the difficulty in distinguishing between broker-referred and direct customers, but advisers will naturally think twice if there is any perception that recommending the platform could weaken the client relationship or lead to lost business.

If another platform offered a similar service without that risk, then it is likely CheckMyFile would lose business from brokers because of this approach. Instead of generating additional income, there is a risk this strategy could ultimately cost them more business than it gains.

CheckMyFile have taken a lot of criticism in the past but they clearly acknowledge they are being watched. For them to finally put into writing their stance is a positive and welcomed move- the eyes will still be on them though.

Checkmyfile reaching out to clear the air is a positive. In an industry built on relationships, recent anxieties around perceived client poaching left a sour taste. By stating they aren't stealing clients and offering to collaborate via referrer logos, they are taking a necessary step to repair damaged goodwill. It shows they listen to feedback and recognize their business relies entirely on broker trust.

Instead of Co-Branding why not drop the affiliate mortgage related questions to customers, who only need the report and should not be subject to these additional questions from Checkmyfile, so why do they need it ? - as a broker referral we already will be asking these questions.

Reassurance emails mean nothing without consistent action over the coming months. Trust is slow to rebuild, and the industry will be watching closely to ensure client journeys match the promise with absolute data walls and zero poaching to "partner" firms.

Checkmyfile remains the most user friendly and best report for brokers to accurately assess clients mortgage options, so them providing an olive branch to work with us rather than against us is well received. The co-branding is a really positive step forward that we will happily embrace, but we need to remember Checkmyfile is a household name and will also have clients of their own long before they speak to us as advisers. That being said, where we are the catalyst for a client engaging with their business, it would be a deal breaker if they started touting that client away from us with rival offers in bad faith.