Providing good quality information within MCOB parameters is down to good communication, consistent messages and continual feedback for those dealing directly with brokers. This is particularly important if a sales team is remote from the organisation’s operational base.Intelligent Finance was one of the first lenders to offer offset mortgages. Education on this product was crucial and we recruited a sales team based throughout the UK to provide guidance on the offset concept to brokers in their areas. This face-to-face experience with account managers and business development managers is supplemented by centrally produced communication materials. The team has taken CeMAP qualifications and this is supplemented by inhousetraining. Training programmes are regularly updated with the latest regulatory requirements. Good quality training is a must. IF has a small and simple product range so we can dedicate a large part of our resources to ensuring our sales teams deliver quality guidance. One focus is building the skills that will help brokers identify the type of clients that can benefit from our products and appropriate sales techniques. Regional managers observe and coach account managers and BDMs to ensure continuous improvement. We also regularly have seminars, either on a regional or national basis, to share best practice. We have various mechanisms in place to obtain feedback from brokers and are also able to monitor the cases placed by brokers. This highlights problems early on. It’s difficult to know what other lenders are doing to ensure their staff operate within MCOB parameters but we believe the key is to support the sales team in terms of personal development, product knowledge and operational It would be naive of the mortgage industry to think its salespeople are not vulnerable to the temptation to bend the rules. Whenever the achievement of sales targets is a motivation, people can be tempted to find less than scrupulous ways to achieve the desired results. This is why the Financial Services Authority recently said it intends to further investigate the selling of self-cert mortgages, particularly in relation to those in full-time employment. We need the industry to show it is squeaky clean after the embarrassing revelations of the BBC’s The Money Programme back in 2003. The FSA’s Treating Customers Fairly regime is designed to ensure that among other things, senior management does not implement a business regime and ethos which encourages sales people to recommend inappropriate products. It’s easy to see how sales targets linked to financial incentives can lead salespeople astray and the FSA will inevitably be looking at such practices very closely. This doesn’t mean targets and incentives are wrong – it means the way in which they are implemented needs to be sensitive and monitored closely. As the old saying goes, a bad officer blames his troops. If something is going wrong in the sales team, it’s senior management who must stand up and be counted. But we must be realistic and acknowledge that the temptation to bend the rules will be ever present, particularly over the next couple of years with the housing and mortgage markets in slowdown, meaning competition for new business will be tough. Senior management must remain vigilant and if they see signs sales figures from one or two members of the team are rising suspiciously, find out why. You never know, it may not be bad news – you may need to buy the person concerned a bottle of bubbly for a job well done.
Borrowing to buy a house based solely on your salary will be a thing of the past a report by Alliance & Leicester predicts.The A&L study, undertaken by the Centre for Economics and Business Research, analyses the use of income multiples and examines how homeowners are likely to be affected by the use of affordability […]
Bristol & West is to consolidate its mortgage processing into two centres in Bristol and Solihull. The move will involve the closure of the lender’s distributed mortgage processing units during 2006. B&W says the announcement is being made well in advance of the change in order to ensure a smooth transition for brokers. The move […]
Leeds society has helped to organise a varsity day for students from Leeds Metropolitan University and the University of Leeds where the students displayed their talents to the full. The event featured 14 different sports, with teams from both universities competing in athletics, basketball, football, hockey, netball, rugby union, rugby league, squash and tennis.All matches […]
Coventry has announced the appointment of Richard Field as head of communications. Field previously worked at Barclays for 10 years in a number of senior internal communications positions within its retail, small business and premier businesses. Prior to that Field worked for GEC Plessey Telecoms (now Marconi). He is a graduate of the Institute of […]
What does a well-diversifed portfolio look like? What were the quarterly trends in model portfolios in Q4 2015? The Portfolio Barometer highlights trends uncovered by analysis of 210 model risk-rated portfolios managed by UK financial adviser and wealth management firms in the three months from October to December 2015. The model portfolios under review were […]
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