Simon Cocker, head of business development at the Dunfermline, is calling on brokers to follow lenders and instigate a full recontact programme with clients.
Cocker said that Dunfermline’s own research revealed that 86% of its customers were retained by the lender, not the broker, after the customer’s initial rate had finished.
He also pointed to recent industry research which revealed only 40% of customers who go back to a lender for a retention deal come back through their original broker.
Cocker says: “Brokers should play lenders at their own game and adopt their practices of regular customer contact.
“The broker should make the customer aware that they are not just doing the deal now but they are also there to conduct future deals.
“In this sense, brokers should ensure clients have a regular check-up. Brokers should go back to basics in terms of telling the client that they can get best advice on every occasion.”