This has been a time like few others I can remember and there have certainly been a number of ‘unique’ situations within financial services over the last 12-15 years.
As I saw someone write in a tweet and I’ll paraphrase, ‘I’ve had enough of living and working through unprecedented times, what I wouldn’t give for some precedented times.’
However, what we are able to say is that, in this profession, the larger the degree of uncertainty, the far more likely it is that borrowers will seek out mortgage advisers in order to steer them through what is happening, and certainly to sort the headlines from the reality when it comes to their own mortgage situation.
In that regard, I’m not sure I’ve seen advisers in such a positive spotlight as much as I have recently, and if this current reality doesn’t bring the importance of advice into an even sharper light, then I’m not sure what will.
Sorting through disorder
There will always be some anecdotal horror stories – consumers taking the first product transfer they were offered or paying off a huge early repayment charge before they’d gone to their adviser. But the message of ‘your first port of call should be your adviser’ appears to have got through to the vast majority, judging by the noises I’m hearing from firms who have had to cope with the influx of interest and demand in their services, particularly since the mini Budget.
It would be easy to discuss this, and to throw some thoroughly deserved brickbats at the government, but given the advisory profession has stepped up to the plate in such a positive manner, I’d rather focus more on what has been done to sort out this mess, rather than those who created it.
Readying for regulatory change
One other area however I would like to touch on, and it’s hopefully one that hasn’t been forgotten during this incredibly busy period, is the forthcoming end of October deadline for firms to have their Consumer Duty implementation plan in place.
Again, it would be understandable if this had moved onto the back burner in recent weeks, as firms prioritised the needs of the clients. Their duty to their consumers – if you will – at a time when many people are seeking ‘positive outcomes’ that do not involve them facing up to a crippling payment shock, or not getting the mortgage finance they so desperately wanted or needed.
However, that Consumer Duty deadline does remain in place.
We are just a few weeks away from the Financial Conduct Authority being able to call upon firms to show their implementation plan, and asking them to reveal how they intend to meet their Consumer Duty responsibilities, when that becomes a requirement in the middle of next year.
Therefore, to support advisers in these endeavours, we are running a series of workshops and webinars between now and the end of the month, most of which will have a dedicated Consumer Duty session within them.
And many of them are actually face-to-face. All too infrequently have we been able to gather together as industry colleagues and a peer group recently and talk to each other, and to hear from industry experts on what is required across any number of important situations.
Sharing best practice, securing CPD, and helping each other meet the ongoing responsibilities that firms have, is an absolute necessity, and may be just what you need after an intensely busy, office-based few weeks.
As always, having that extra business demand is positive.
It means advisers can help more people, can grow income, and can share their skills and services with a wider customer base. However, we also need not to neglect the other forthcoming requirements of being in this business, and make sure firms have everything in place to continue to perform the excellent service they have so clearly been providing.
