Advisers who are doing the right thing by their customers will understandably want to secure their client that deal if the product is right for them, but in trying to do so many advisers find themselves between a rock and a hard place.
Given the strenuous requirements expected of advisers to collect documentation, as well as package the case completely and correctly prior to case submission against what can sometimes be conflicting packaging criteria, to then find the product has been removed can be, quite frankly, soul destroying.
It is no wonder that advisers can sometimes find themselves in a position where their cases aren’t always packaged 100% accurately in the eyes of the lenders. They can also then find themselves, rather unfairly, it seems, having a ‘black mark’ against their name.
Whilst there is no excuse for incomplete packaging, one can understand the urgency and difficult position the advisers find themselves in as they strive to treat the customer fairly by securing them the best rate for their circumstances before the product is removed.
Everybody welcomes these highly competitive rates, but is it a case that we need a little bit more realism from the lenders about how much time it takes to gather, package and submit the amount of supporting documentation they require?
Understandably rates have to be reviewed and removed at times, but it would be helpful if lenders could bear in mind the broker’s needs to communicate with their clients. Penalising advisers for doing their best by the client in unrealistically tight timescales is not fair on the adviser or on the client.
It may just be a case of more lenders declaring up front how long special deals are available. Advisers don’t want or intend to submit applications that are under par, most advisers want to do the best job they can.
Realistic timescales will be better for the lender as they will then receive all the information they need in the way that they need it, and better for the adviser who can do the right thing by both the lender and their client.
Toni Smith is sales operations director at First Complete
