Wrong advice from mortgage
intermediaries
17/05/2007
It has been confirmed that mortgage
intermediaries have been spoken badly upon for their “inadequate
ability” when all they are trying to sell is protection
insurance to their existing customers.
Managing director, Michael Ward from
Direct Life said, the company had again conducted clueless shopping
exercises and establishes that advisers were “woefully inadequate
at matching the right protection
product to the right protection need”.
Evaluating Manchester, the Mortgage
Business Expo stated that majority of the advisors would find
it virtually impossible to stand their decisions up in the face
of a bad report to the Financial Ombudsman Service.
The protection
policy applications, which Ward decided to take on, ended with
difficult questions making life difficult for advisors. Ward still
feels that it is the intermediary’s responsibility to make
maximum sales but when facing a client, being honest and explaining
step-by-step the policy, should also play a part.
He mentioned to advisors to get away
from a reliance on the most affordable and easy sales and make
protection
a first step priority to these policy holders.
“It is all there to play
for and protection
is an excellent tool. Intermediaries must be more inventive.”
