MPPI sales fall
40 per cent of intermediaries put the decrease in sales down to ‘external market forces’ such as a slow-down in the housing market. However, it seems regulation is also taking its toll, with 39 per cent of intermediaries stating that they have less time left to actively sell MPPI products due to the impact of regulation.
Chris Traynor, sales & marketing director at Paymentshield, commented: “Although we expect factors such as a slow-down in the housing market to impact on MPPI sales, it is worrying and disappointing that such a significant percentage of intermediaries believe that regulation is constraining their ability to advise clients on products such as MPPI.
“According to government targets, 55 per cent of homeowners should have an MPPI policy, but the reality is that this target is not being met, with many consumers potentially losing out on this valuable cover. Ideally intermediaries should be able to advise their clients on this product seamlessly within the home-buying and remortgaging process regardless of whether it is their first or third home.”