Stonebridge to support UK advisers close protection gap

Stonebridge has launched a new functionality to its trading platform, Revolution, that will help advisers ensure that clients are putting adequate protection in place.

At each key stage of the mortgage journey in the Revolution platform, advisers will be guided to either write the protection themselves or choose to refer to its specialist referral service, Stonebridge Protect.

The new system also deals with the confirmation process should clients decline cover.

For every referral made to Stonebridge Protect that converts to a policy, a proportion of the commission will be paid to the member firm, with primary customer ownership remaining with the originating mortgage adviser at all times. Stonebridge said this will create a valuable new income stream for its members.

The launch is being supported by a new campaign from Stonebridge focusing on ensuring advisers have a protection conversation with every client and do not leave clients exposed to potentially life-changing events that protection policies would cover.

Stonebridge chief executive, Rob Clifford, highlighted research by Swiss Re that revealed there is a £2.4trn protection gap in the UK, before stating that Stonebridge’s campaign focuses on ways that advisers can start to close this gap.

“Given such a huge gap in the UK market, it’s crucial we recognise the real value adequate protection cover can have on people’s lives when they are confronted with a life-changing event,” Clifford commented.

“The industry, consumer lobby, and regulator all recognise the importance of this subject. The soon-to-be-published Consumer Duty rules are likely to focus on ensuring advisers are doing the right thing for their clients – every time. It will impose higher expectations for the standards of care mortgage and protection advisers provide to their clients, and we expect that part of this will be to ensure protection is clearly offered.

“We’re all conscious that when the mortgage market is busy, the protection needs of some clients might get overlooked, or indeed when the cost of everything is on the up, clients might believe they are unable to afford any sort of protection.

“A combination of these factors could bring about some disastrous results if clients aren’t able to claim when they most need it, perhaps if they lose their job, have a serious illness, or there is any other reason why they’re unable to work and pay their bills.”

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