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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.”