The new version has been developed following customer feedback and has simplified the process and reduced the number of stages.
Richard Angliss, managing director of Home Buyer Systems, explained: “When regulation came into force, most good mortgage broking practice had already been shaped by the Mortgage Code, so there was a ready-made base on which to build compliant mortgage sales processes. With GI, there was no such basis to build on, so sales systems for general insurance have needed to go through a process of development and refinement.
“Home Buyer’s way of working is to continually evolve its systems to incorporate feedback and provide faster, more efficient ways for our customers to work. On the other hand, with the over-riding need to deliver Treating Customers Fairly (TCF), and the particular regulatory concerns about payment protection insurance, there can be no skimping on the core elements of the GI sales process – for example, the original fact find and affordability considerations, establishing the customers’ demands and needs, documenting the suitability of recommended products and future follow ups. The latter is of utmost importance especially in relation to TCF. If a customer is unable to afford the premium, to get the level of recommended cover, then it is the responsibility of the intermediary to follow this up at intervals to see if the customers circumstances have changed to allow them to afford it. This would also be the case if they said they wanted to discuss insurance at a later date
"The new version of Home Buyer Systems’ GI process has achieved this simplification while maintaining the highest possible compliance standards.”
