L&C added that its overall staff count, including advisers, was just under 1,000 and it was planning a recruitment drive this year to grow the number of advisers.
The firm added that it is going into 2024 with a “strong pipeline” and the team was looking to make a “quick start” this year.
Alan Young (pictured), CEO at L&C, reflecting on his first full year at the helm, said that there was “no question that last year’s turbulent market and ongoing volatility presented serious challenges for advisers and for our customers”.
Young took on the mantle of CEO in 2022, and along with chairperson Phil Rickards, formerly head of BM Solutions, are looking to reinvigorate the vision and direction of the advice brand, according to an interview with this publication last year.
He continued: “I’m delighted with how the L&C team rose to those challenges and has worked tirelessly to put the business in even better shape to grow our market share and tackle whatever 2024 throws at us head on.
“We’ve already put partnerships in place that enable us to offer even greater support for our customers. That will continue to be a focus in 2024, to ensure L&C is in the best position to help customers, whether that’s with a standard remortgage or a homebuyer with a complex credit situation.”
L&C struck a partnership with specialist property finance comparison site, Propp, in September last year so it can refer customers with more specialist needs. This includes commercial, bridging, second charge and development finance.
The broker has also teamed up with Brilliant Solutions in October to offer additional support for customers with impaired and complex credit history.
Young continued that L&C has been offering fee-free advice for over 20 years and it was proud to continue that “commitment to top quality mortgage and protection advice without charging our customers a fee”.
L&C: Market share growth top aim for 2024
Young has said that in January it was “enjoying strong enquiry levels” as customers were making their mortgage a “priority” in the New Year, with enquiries last week reporting an increase of almost two thirds on the same period last year.
“That has only been boosted by the significant cuts to mortgage rates now feeding through, bringing fixed rates back down to the lowest levels since last summer,” he added.
Young said that despite a tough market in 2023 it had grown its market share and that was still a “key target for us again this year”.
“Our figures for last year would put us on par with a top ten mortgage lender and I fully intend for us to improve further this year, as we continue our transformation journey.
“It’s early days in the New Year but the signs are encouraging and we’re already experiencing strong demand. Rates are moving quickly so we know that borrowers will need advice more than ever. We intend to help as many as possible access that advice without having to pay a broker fee,” he concluded.
