A series of mortgage payment protection insurance clinics is being hosted by Securah - the partnership between Advent Solutions Management and Hitachi Capital - to help mortgage intermediaries increase sales of this type of product.
The clinics will develop brokers’ knowledge of MPPI and their role in its distribution.
This will include gaining a better overview of the sales process, and the ability to ascertain suitability for potential customers, including being able to properly explain various levels of cover within the requirements of ‘treating customers fairly’.
Securah says the claims process will also feature heavily in the discussion, in order distributors are able to get a better picture of the full MPPI story from beginning to end.
Paul Dunlop, sales director says: “There is a tendency to associate MPPI with the costly loan and credit card PPI sold by some of the high street banks which has led to general negativity surrounding the product.”
“This is despite the fact that both the FSA and OFT have, within the last two weeks, admitted that PPI can provide worthwhile cover for customers. Then there are issues regarding the miss-selling of MPPI and the potential crippling financial consequences of an FSA fine. All this at a time when MPPI should be a serious consideration for first time buyers who are financially stretching themselves to get a foot on the property ladder.”
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Jonathan Boyd on 020 7484 9769 or email [email protected].IFAonline
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