"Despite all the hype about how tech is transforming the market, brokers will always remain at the heart of the process. Brokers are the glue that hold the market ecosystem together. "
FR: You became COO earlier this year, what additional activities has this seen you take on in a day-to-day capacity?
Whilst the new role is more of a formalisation of my previous role, it now spans across Personal Touch Financial Services too. The new role has given me scope to create a senior directorate from within the existing Primis business and also across PTFS. Our combined focus is to ensure our brokers receive world class support from all areas of the network which in turn enables them to do the same for their customers. Having a skilled and capable team enables me to also focus on more strategic and value adding initiatives for the financial services business, including technological and service enhancements.
FR: With over 30 years’ experience in the intermediary market, ten of which spent in the mortgage market, how would you say the market has changed?
A key shift in focus over the last decade has been towards creating better outcomes for customers through the intermediary channel. Being a part of the delivery of this has been really rewarding, particularly through seeing the development of more niche products to plug gaps in the market. This rise in specialist lending has grown exponentially over the past ten years to cater for a more diverse range of customer needs, which is great. This increase in product innovation, when coupled with the more in-depth and bespoke advice that brokers now provide, as well as schemes such as Help to Buy, means more customers are getting a product that is tailored to them.
Technological advancements which are improving the ease and speed of brokers lives are also helping to build these better customer outcomes, providing a more seamless process for advisers and clients alike.
FR: Where do you see the key growth areas in the market for the rest of this year?
The product transfer and remortgage markets are undoubtedly key areas for growth. What’s been great to see recently is UK finance publishing product transfer data, giving greater visibility across this important sector. In the fullness of time, we’ll be able to build a clearer picture of the real size of the PT market, which is something I fully support.
Another area of the market which has the potential to grow is buy-to-let – providing the right measures are put in place to facilitate this. With complex regulation causing a number of landlords to reconsider their place in the market, new initiatives would be needed to encourage this growth, but the potential is still there.
FR: The Primis motto is ‘every pound of lending is a pound that needs protecting’. How can brokers best ensure borrowers are adequately protected?
Opening up lines of communication is the first step every broker needs to take. Every time a broker sees or interacts with a client they should be thinking about protection. Are they and their families protected? Do they have the right level of cover? Have their circumstances changed? The difficult truth is that every family at some point, could find themselves in a position where they need cover. I truly believe that every intermediary advising on lending has a moral obligation and duty of care to ensure that borrowers have protected their debts.
Brokers shouldn’t be embarrassed to have these conversations - it’s the most important piece of advice and support they can offer any client. Indeed, they should feel proud that they’re doing a ‘proper job’ – a slogan we often cite at our broker events! We give our brokers extensive training and support to develop skills in selling protection -itt is such an important topic to raise with customers and must be done sensitively whilst bringing the reality of the situation to light.
FR: What do you see as the biggest issues facing the mortgage industry over the next 12 months?
The biggest issues facing the mortgage industry include keeping up with technology and learning how to embrace it, whilst ensuring customers remain at the heart of what we all do. Quite rightly so, lots of intermediaries have begun to adopt a ‘digital first’ strategy in order to meet demand from their customer base. From the front-end user experience through to back-office processing of cases and lender integration, technology is now key in making brokers’ lives easier and meeting client demands.
However, there remains some uncertainty. With artificial intelligence beginning to make its mark, some fear that the role of the broker will be lost.
My message is that despite all the hype about how tech is transforming the market, brokers will always remain at the heart of the process. Brokers are the glue that hold the market ecosystem together. Most of the technological innovations have been made to support the human aspect of the process, not eradicate it!
