Mortgage News
LiveMore launches ongoing care fee for intermediaries making vulnerability checks
Livemore Capital has introduced an ongoing care fee for intermediaries who keep in touch with clients to watch out for emerging vulnerabilities that may alter their needs.
Intermediaries will receive a fee of 0.13 per cent each year for the annual call, for up to 15 years. This will be in addition to their initial remuneration of 0.55 per cent.
The lender said intermediaries knew their clients best and were well placed to carry out this role.
Richard Merrett, head of strategic development at SimplyBiz Mortgages said: “It’s perfect timing for LiveMore to introduce this programme as customers’ views of their own long-term financial plan will change over time, with many sadly becoming vulnerable in the future.
“SimplyBiz has always stressed the importance of keeping in contact and regularly reviewing customers needs. Only by understanding evolving needs can you ensure that you are delivering the best possible customer outcomes.”
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Danny Belton, head of lender relationships at Legal & General Mortgage Club, added: “LiveMore is aiming to identify and support vulnerable customers, an area of increasing importance given the ongoing challenges presented to homeowners.
“The programme requires advisers to revisit their customers annually, ensuring they remain in close and regular contact. There will be a small procuration fee paid for this and these regular meetings will help to deliver a great level of service which will ultimately help to better protect customers.”