Earlier this month, protection providers reported a slowdown in sales, which some attributed to brokers spending more time processing mortgage cases.
The poll revealed 28% of brokers had significantly slowed their protection sales over the summer months, while another 14% had cooled activity down a little. A further 37% reported no change in protection sales, while a fifth said sales had increased.
Chadney Bulgin mortgage partner Jonathan Clark said he was monitoring the reports with interest: “It is something that always seems to affect our industry and it does affect us, but it is very poor practice because clients do need protection.
“It is just due to the sheer impact of the work load but really brokers should have a process in place to make sure if it is not done at the outset it is picked up later on. We have a process here where if it is not picked up straight away a telephone adviser picks it up later on.”
Prolific Mortgage Finance owner Daniel Bailey said: “Protection has dropped off – that is inevitable with people being busy with mortgages. But I see it as part of responsible lending that you have to continue with protection.”
