Developed in conjunction with New Leaf (the specialist financial services training company) the launch of Home Buyer Systems’ new dedicated protection and GI module for brokers coincides with the FSA’s declared intention to review the sales standards of pure protection products by mortgage intermediaries.
The new Home Buyer protection and GI sales system is available to all mortgage brokers, irrespective of whether they subscribe to the Home Buyer sourcing system or use an independent sourcing system. It provides compliant protection and GI product sourcing through a defined sales process which includes the production of a suitability letter that covers all the elements of protection and GI – most brokers have to put up with having to produce more than one suitability letter as they are sourcing from different systems each with their own suitability letter.
Richard Angliss, managing director of Home Buyer Systems, explains the gap in the market which the new protection and GI module is designed to fill: “We have conducted research showing that on average brokers’ mortgage business levels have reduced by 70% from the peak before the credit crunch. Broker businesses that are still doing well have turned their attention to selling protection and GI products and, in some cases, this business is up by as much as 300%. Brokers can achieve substantially increased income from protection and GI sales, and should be aiming for a customer conversion rate of 80 to 90% rather than the single figure success rates that are currently more common.”