With UK households facing the worst squeeze on incomes in a generation there is concern that some clients may cancel their protection insurance direct debits. To assist advisers in providing support and guidance and to help ensure clients maintain cover, the Association of Mortgage Intermediaries (AMI), Protection Distributors Group (PDG) and Income Protection Task Force (IPTF) have issued a refreshed adviser guide to saving protection policies.
They’ve also developed a guide which can be used by advisers with clients, to prompt a discussion about their cover, highlighting the importance of reviewing cover in consumer-friendly language and the types of support and guidance that may be available.
We have also recently launched a special edition newsletter which includes articles from a number of Providers on our panel and informative articles from our Director of Mortgages, Mortgages Technical Director and CEO.
The FCA have created the following report about Borrowers in Financial Difficulty which presents the insights from their research into borrowers in financial difficulty. It shares the views and experiences collected in 7 expert interviews with representatives of consumer support and advice organisations, 48 in-depth interviews with borrowers in financial difficulty, and the findings of a survey of 2,969 UK borrowers in financial difficulty. The fieldwork was undertaken between October 2021 and March 2022.
If you require further assistance with helping your clients who may be struggling, please don’t hesitate to call us on 03300 536061 and we will do our best to help.