While brokers have long played an integral role in the UK’s mortgage market, the growth of the intermediary sector over the past decade or so has been remarkable. You don’t have to go back that far – 2009, to be precise – to find a time when brokers wrote less than half of all mortgages.

Today, they account for nearly nine in 10 (87%) new mortgages, according to the Intermediary Mortgage Lenders Association. That dominance is impressive, but we cannot afford to be complacent. Despite their dominance, brokers are coming under pressure from multiple directions.

Technology-led disintermediation is one of the most obvious examples. This is particularly visible in the product transfer (PT) market, where lenders are spending big to improve their digital journeys.

While PTs are often positioned as straightforward transactions, they may not always be the best option for the borrower. Many borrowers understandably value the convenience they offer, but convenience should not trump suitability.

It is thought that brokers currently account for less than half of the PT market, which is expected to reach around £261 billion this year. If we do not better articulate the value of advice in the refinancing process, our share in what is a growing area of the market risks shrinking.

Another obvious threat comes in the form of regulation. This is somewhat ironic, given that regulation – specifically mandated advice under the Mortgage Market Review  – played a significant role in brokers becoming the dominant distribution channel over the past decade.

However, the FCA’s decision to remove the so-called ‘advice trigger’, which previously required borrowers to take advice where there was any sort of interactive dialogue with a lender, opens the door to more non-advised sales.

Most brokers I speak to about this seem unconcerned. In fact, 63% of brokers we polled at our recent series of Primis Kick Off events, which covered the whole of the UK, said they were ‘not worried at all’ about the removal of the advice trigger.

I admire that confidence and belief in advice. However, the FCA itself admits this rule change could result in a significant increase in the number of non-advised sales. In the worst-case scenario, it believes advised sales could fall by 7.5 percentage points or more. This is not insignificant and once again highlights the need for brokers to make the case for the value they provide.

I do not believe either of these threats are existential and I have no doubt that brokers will remain an integral part of the mortgage market. After all, the vast majority of borrowers still want the guiding hand of a professional when making what is likely to be the biggest financial decision of their lives.

But if we want to maintain our dominant position in the market, we have to see off the dual threat that technology and regulation pose. That’s why we need to work out what the future role of the broker is and to articulate the value of advice in tomorrow’s market.

Fragmentation weakens the broker voice, dilutes influence with regulators and leaves individual firms exposed to changes they cannot shape on their own.

This is not a criticism of how brokers work together today. The intermediary sector already has a strong culture of cooperation. However, the scale and pace of change now facing the market means finding more structured, collective engagement is increasingly essential.

Given their scale, networks such as PRIMIS will be play a key role in shaping tomorrow’s market. Their ability to invest at scale puts networks in a strong position to support advisers through continued investment in systems that enhance, rather than replace, advice. Technology that improves efficiency and customer journeys can free brokers to focus on where human expertise adds most value.

Just as importantly, networks offer practical support to help brokers run and grow successful businesses. As the pace of change accelerates, that support becomes increasingly important.

However, networks cannot operate in isolation. A strong, collective broker voice remains vital, particularly when engaging with regulators, policymakers and other stakeholders.

The Association of Mortgage Intermediaries (AMI) and its work is strengthened by long-term backing from across the industry. As AMI’s largest backer, LSL provides significant financial support alongside ongoing contributions of expertise, leadership and time. This backing reflects our long-term commitment to and faith in the broker market.

For individual brokers, this is where engagement really matters. Whether via AMI or other collaborative forums, staying connected is one of the most practical ways brokers can help protect the long-term future of their firm but also the wider advice sector.

The next 10 years can be just as successful for the broker market as the last. Demand for advice remains strong and brokers retain the trust of consumers. But that outcome is not guaranteed. It depends on the industry’s ability to act collectively, articulate its value clearly and engage proactively with change.

In a market evolving at pace, standing still is not an option. Pulling together is.

Richard Howells is group managing director, financial services at LSL