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Four in five brokers predict improved customer confidence

  • 15/04/2024
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Four in five brokers predict improved customer confidence
Around 82% of brokers expected overall customer confidence to improve as the year goes on, with brokers in Scotland the most optimistic.

According to Primis, which surveyed appointed representatives across the UK, 88% of brokers expect overall customer confidence to improve as the year progresses.

In Northern Ireland, around 78% of the brokers were more cautious about the economic outlook and ongoing pressure of higher living costs.

Claire Madge, sales director at Primis, said: “It’s been a tough few years for British households, but it looks like the pinch of higher food prices, energy costs, rents and mortgage payments is beginning to lessen.

“Our advisers are right at the coalface when it comes to how their customers are feeling about their finances.

“And, with the prospect of a general election before the year is out, it may be that customers are finally looking forward to the future.”

She continued: “There are reasons to be optimistic about this year: the threat of inflation seems to be ebbing and this latest improvement in the Bank of England’s mood on interest rates bodes well for clients coming up to remortgage later this year.”

Around two in five advisers across the UK have said they did not expect the pressures on household finances to improve over the coming year, with three in five expressing some concern.

Madge said: “Advisers know that each and every situation is unique, and helping clients to understand the impact of different routes they might take is ever more critical.

“With the Consumer Duty rules on new products bedded in and extending to include existing products and services from the end of July, brokers are even more mindful of ensuring good outcomes for their customers.”

Earlier this month, it was reported that a fifth of brokers believe gross lending will surpass £251bn in 2024.

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