Welcome

Christopher Tanner CEO

I need to start my introduction to this, the latest Inspiration Magazine by congratulating all those Mortgage Advisers and Lenders who worked so tirelessly to fulfil so many customer’s dreams of buying a new home, whilst taking advantage of the stamp duty holiday.

The volume of mortgages written during H1 2021 was truly remarkable and to see so many complete by the 30th June, with such little disruption to a purchaser’s plans, demonstrates the great service advisers were able to offer.

In this Magazine, we look at a number of new initiatives by the Regulator as the new team at the top of the FCA make their mark on the Financial Services Industry. Whether its how to identify and work with vulnerable customers, provide fair pricing for Insurance Policies removing the tempting initial pricing structures, or the new Consumer Care consultation paper, which is a fundamental shift in how advice is delivered, we know that there is regulatory change on the way - all intended to strengthen good customer outcomes. Ultimately, the regulator is asking us as an industry to confirm that the way we treat the customer, is the way we would like to be treated ourselves. The answer may be yes and we already do, but that is not necessarily good enough anymore - our new “Data Driven” Regulator is needing us to prove that we do with evidence and results.

We do know that a poor customer outcome is one where the Customer has been left with a big debt and had no discussion about protecting themselves, their family or their lifestyle. Consumer Duty tells us that we need to highlight the risks and signpost a solution and for many customers, the phrase “Your Home May be Repossessed should you fail to keep up the mortgage payments secured on it” is not talked about enough. We know protection can be a complicated solution and one that some advisers prefer to ignore, but under the new proposals, they ignore this at their peril. That is one of the reasons why HLP has created HLProtection, a new referral service for advisers who do not want to talk to their customers about Death, Illness and Disability and the impacts on life of them and their family. You can find more information about this service later in the magazine.

In addition, there is the green agenda. With the Government identifying housing as one of the key target areas to control climate

change – you can see why lenders are being encouraged to contribute to the challenge. We anticipate the green mortgage becoming mainstream, as incentives are delivered through lower headline rates or rebates towards eco friendly home improvements.

At HLP, we have a focus on delivering efficiencies using technology. The double entry of data into 360dotnet and our New Business Control System has now been removed and we will shortly be delivering enhancements to the commission system, improvements into reporting and further integrations such as with Paymentshield to improve the ability to quote on Home Insurance, now that the playing field with Price Comparison Websites has been weakened.

There have been significant numbers of homeowners and landlords who have seen their initial rates come to an end over the past few weeks. I would encourage you to continue talking to your customers to find out how you can assist them. On the face of it, mortgage rates will remain low so the re-mortgage and product transfer market will remain strong, whilst the purchase market finds it’s new-normal post stamp duty holiday. We all know how much it costs to acquire a new customer, so now is the time to make sure we look after them. Have the conversation and don’t forget that means, if you have the permissions, mortgage and protection. The last 18 months have demonstrated how easy it is for customers to change their buying habits from high street to digital, let’s make sure we keep the focus on our client banks and give them the service they have come to expect from a professional mortgage and protection adviser.

“We do know that a poor customer outcome is one where the Customer has been left with a big debt and had no discussion about protecting themselves”