Alexander Burgess is a director of British Money
I have written on several occasions to highlight the regulatory dangers faced by lenders with delinquent loans, resulting in accusations of irresponsible lending and customer exploitation and major breaches of regulatory rules.
Notwithstanding this, as a provider of payment protection, you will not be at all surprised to hear of the lukewarm response from lenders and other stakeholders within the industry, who quite frankly, are highly sceptical about the merits of PPI as a prudent risk management tool.
Having developed the most comprehensive and ethical policy that has ever existed, combined with a distribution solution that entirely removes the regulatory, financial and reputational risks from your organisation, will guarantee that borrowers have access to an effective financial support mechanism, whilst clearly evidencing TCF for lenders and intermediaries alike.
We fully appreciate lenders’ cynicism and apathy. However, they are now required to demonstrate that they have robust systems and controls in place to monitor the effectiveness of your affordability assessments, thus ensuring the prevention of arrears.
Perhaps now would be a good time to consider protection not just for their custoemrs but for themselves too!
