As a result of the review more than 1,000 outstanding cases have been accepted with no further underwriting or income verification required.
Naturally, some cases have been declined and because of the review this has resulted in a perception among brokers that more cases are being declined than usual. This is not true.
Despite this, some intermediaries have questioned our activity but it is important to understand that we have not been underhand, nor have we been unfair in decisions taken during the process of clearing our pipeline business.
Indeed, we have taken these measures in the best interests of intermediaries and to enhance the service we provide them.
We appreciate that some brokers may be disappointed with the decisions we have taken but all the things we have done to clear our pipeline have been based on the need to avoid giving intermediaries the ‘slow no’ and offer them better service.
Moreover, endless reworking of cases to make them fit with further piecemeal documentation arriving after the original submission only adds to the problem.
In the current challenging market with its tighter risk criteria, I would like to remind intermediaries that it is more important than ever to provide comprehensive applications based on guidelines that can be found on our website.
For example, if a system decision is agreed ‘subject to’, intermediaries should not submit applications without the supporting documentation requested.
Adhering to this procedure will give your clients the best possible chance of success and allow us to process applications more speedily. In short, the best possible presentation of cases is not only important – it is essential.
In the meantime, as you would expect, we are continuing to explore every way to maintain a high standard of service, and this clearance of pipeline business should not be misconstrued as a service-related problem. Rather, it is a short-term action intended to bring about longer term service improvements for brokers.
We believe what we are doing is in the best interests of brokers and look forward to continuing to demonstrate our commitment to the intermediary channel through our delivery of timely and efficient service.
Abbey for Intermediaries