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New demand for cover as part of mortgage advice
Given that the relationship between mortgage intermediaries and collateral sells is showing indications of slowing, claims for collateral as a compulsory part of the discussion have returned to the forefront. Legal & General's Steve Bryan, executive manager of the broker, said the protective talk for mortgage agents needs to be made simpler as most customers just don't think about the implications of a shortage of collateral while trying to buy a home.
"In theory, it is a compulsory part of the mortgage discussion from a regulatory point of view, according to the consultant's networking host," he stressed. Mark Graves, July Sesame Bankhall Group Markets Manager, warned that brokers could face expensive grievances if they avoided debating the need to defend themselves against the effects of long-term illnesses that could stop them from repaying their mortgage.
"From the point of view of a networking, if you do not make sufficient memos to say that the customer has been notified of the need to conclude revenue support, then you are susceptible to future claims," he said at this year's Privacy Review meeting. Speaking at the meeting, Kevin Carr, CEO of Consumer Review, announced poll results showing that most brokerage firms are disregarding the sale of protective measures, with 61 percent saying the actual deal has been breached.
Mr. Graves of Sesame Bankhall said it was a "breach of duty" for advisors not to increase the need for client protections because they had a "moral obligation" to do so. Said it should be compulsory as a building policy. Aldridge, London & Country Mortgages Innovations Manager, Michael acknowledged that many mortgage brokers see mortgage cover as an ex-post aspect rather than an integrated part of the discovery and advisory work.
"Some consultants don't know when to launch the cover - some may try to try to get it sold at the right moment - others will say clients aren't as interested and PPI has put them off. Mortgage Intermediaries Association CEO Robert Sinclair said many mortgage consultancies are examining how protective sale revenues are handled by consultants, many of whom try to source them out when there is not enough internal resources or timing.