Brokers must stop arguing and position themselves for the introduction of HIPs

From Neal Smith

Regarding several recent letters and comments in the trade press, I have a request – or rather more of a plea. Could we all put aside the for or against arguments regarding Home Information Packs? They will be introduced June next year and nothing will change that fact.

I feel HIPs will evolve (well, dramatically change) soon after their implementation but we all need to take a step back now and begin to embrace them. Remember Treating Customers Fairly? How many advisers’ clients will know what a HIP is, or more to the point that their adviser can assist them on the subject? Treat your customers fairly and start talking about HIPs now, or at least sow the seed.

I hear many big players in the market issuing soundbites aplenty about HIPs. Mortgage brokers should sit up and listen to what these industry big guns are saying as this will have a big influence on the perception of HIPs. Please can someone at least advocate that intermediaries make preparations in time for the introduction of HIPs next year, otherwise I can see the broking industry catching a bad cold.

Brokers, take it from me – love HIPS or loathe them, you should position your business assuming they will be introduced. Having the interests of the businesses of its 200 or so members in mind, Whitechurch has already positioned itself for the introduction of the packs and it was a relatively painless and not excessively time-consuming experience.

Neal Smith
Compliance manager and business development manager, Provider Partnership Programme
The Whitechurch Network