This change is expected to help Just Mortgages meet its Consumer Duty requirements and is an addition to the referral agreement for clients in need of pensions, savings and investment advice.
Just said this would also “streamline” the process for its brokers and increase its coverage by offering various services.
Just Mortgages’ brokers already make use of its referral partnership with Just Wealth and last year passed 1,200 cases on for financial advice. The firm said the demand was so high that the number was close to being surpassed so far this year.
Dave Magee (pictured), head of wealth at Just Wealth, said: “In the current climate and with the arrival of Consumer Duty, it’s never been so important for brokers to have meaningful conversations with clients about protection. When that isn’t always possible, our new service allows Just Wealth advisers to step in and ensure that the mortgage is fully protected and the client isn’t left exposed.
“We’re already in the process of overhauling our entire referral process to make it easier for brokers to refer and maintain a clear line of sight throughout that journey. Best of all, brokers benefit from the revenue share and ensure their regulatory requirements are met. Through our annual reviews, our advisers will be able to regularly monitor the suitability of products as required by the new Duty, all while keeping clients warm for brokers for their next remortgage period.”
Carl Parker, national director at Just Mortgages, added: “In a busy brokerage, protection can all too often be a poor relation to mortgage advice. In the spirit of Consumer Duty and delivering the best service to clients, this cannot be the case. However, this great partnership with our sister firm Just Wealth presents a real opportunity for brokers to increase protection, maximise every transaction and stay on top of compliance.
“Many of our brokers have already built strong partnerships with Just Wealth advisers, which will be reassuring as they now look to refer over clients for protection.”
