http://ftadviser.com/?m=11173&amid=115650

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IFAs and mortgage brokers are paying through the nose to get mortgage deals for clients, thanks to overpriced call centres, new research has found.

edeus, the specialist mortgage lender, has calculated that advisers are paying out around £3.4m a year in call charges to lenders. This is because instead of using a freephone number, many lenders use the 0845 number, which is charged at local rates, or 0870, a premium rate number. edeus itself uses an 0800 freephone number for advisers.

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OFCOM, the independent regulator and competition authority for the UK communications industries, has expressed concern over the charges, and has recognised that call centres using 0845 or 0870 numbers have an incentive to keep customers on hold. As a result, OFCOM is taking steps to monitor charges, including capping call rates.

Anna Bowes, investment manager, IFA AWD Chase de Vere, said: "I think it is dreadful to charge premium rates with no alternative."
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