Respondents reported an income fall of 20%-50% since last year and with gross mortgage lending down 36% since the same time last year according to the Council of Mortgage Lenders (CML), BDS emphasised this is unlikely to change in the near future.

The survey showed that as little as 35% were offering income protection products, despite the fact that an average deal could earn a broker as much as £400-£500.

Bob Hope, sales & marketing director commented: “I am as ever astounded that brokers are not placing more emphasis on income protection either for their clients or for themselves. With uncertainty creeping into the whole economy about financial security, unemployment and housing I would have thought it was an easy sell and certainly I am heavily promoting this with our network members and urge all brokers to look again at this area.”

Elsewhere, the firm has arranged an additional training date for brokers to learn more about Guardian Debt Management and the associated income opportunity, following a stronger than expected response.

The session is being held at the BDS training facility in Fareham on 24 October. Both appointed representatives and direct authorised brokers are eligible to attend and booking is via the BDS website.