The Association of British Insurers has warned the Mortgage Market Review could harm protection sales.
Nick Kirwan, assistant director of health and protection at the ABI, says: “The MMR is a big threat. It puts more of an obligation on brokers to ensure that clients can afford the mortgage, which means mortgage sales will take longer. How much appetite will someone have at the end to talk about protection?”
Roy McLoughlin, senior partner at Master Adviser, says: “Clients only have a limited amount of time to spend with an adviser. If we are elongating the process, the danger is that it will put them off.”