The move to contact the adviser, rather than the client directly, is in direct contrast to the attitude of the majority of mortgage lenders, which has drawn criticism from intermediaries for trying to remove them from the repeat business.
Sandy McPherson, head of marketing at Paymentshield, believed it was in the interests of everyone involved to ensure that cover was not allowed to slip away and the intermediary was in the best position to arrange a new product.
Peter Wright, financial consultant at CBK, welcomed the move, insisting that brokers should be given client information to help them treat customers fairly.
He explained: “Paymentshield and mortgage lenders are sitting in two different camps here. Paymentshield has shown here that it’s stupid to shut the communication channels with brokers as it shows you don’t value the business you are getting from advisers.
"Brokers are always recognised by the lenders during the sale but are then totally ignored once the business is placed. If Paymentshield is recognising us then great, especially as it helps us to treat our customers fairly.”
