MPPI sales ‘not hit’ by investigations
Ongoing watchdog probes into the PPI market have not hit MPPI sales, the majority of brokers have said.
Results of an internet study by The Mortgage Alliance (TMA) and Cardiff Pinnacle show around two thirds of respondents thought adverse media coverage and investigations have not harmed the product’s attractiveness.
Around 21 per cent thought the FSA and Competition Commission actions have party hit sales with 15 per cent thinking they had had no impact.
The same detailed study also showed brokers and their clients thought it important they were to be able to advise on property-related and mortgage insurance.
Around half of those questioned also thought the ability to give advice on these topics was ‘extremely important’. Only four per cent said it was not important.
Brokers were also asked how they preferred commission to be paid, with 44 per cent saying they were not bothered whether it arrived monthly or annually in advance.
TMA boss Phil Whitehouse said: “This survey conjured up some very interesting points and certainly helped us garner a better understanding of what brokers are looking for to get the most out of this important sector of the market.
“A good mortgage club should offer brokers added value in order to help them increase sales and income and, at TMA, we will certainly be looking at elements from this survey.”
Information from the survey, initiated by TMA, will be used to highlight pitfalls or opportunities in the PPI market.
Cardiff Pinnacle national sales manager John Harrop added the study had proved “invaluable” and said it would provide a framework for future product development.