These tables indicate measurements of service or results. We use them in our personal lives and there is no reason why they should not be used in our business lives too.
You may ask what has brought me to address this subject. Well, it is the recent call by another packager for the industry to launch league tables that list the quality of packagers. This is something I have agreed with for some time.
Good packagers will not be frightened by this proposal – indeed, they will embrace it. But some will not be so supportive of the industry being made aware of their failings.
Service is measurable and lenders can easily provide statistics on, say, day one offers. But what if a case had been with a packager for four weeks and it has delayed getting it ready for offer? It may count as a day one offer but it will have taken four weeks to get there.
Although service is important, good packagers must also be able to offer a full range of products to their brokers. Customer choice is important when thinking about the provisions of Treating Customers Fairly, and this choice can only come with a decent-sized panel and a host of products.
A lender’s service can be a critical factor in the decision-making process for brokers and it is important that this is highlighted.
We all see lenders on sourcing systems and can figure out which have the best rates. But how many times have you seen a lender with good rates but know it has terrible service and ended up not going for the lowest rate?
I’d join any working party set up to look into the possibility of a service table for pack-agers but I would be concerned about how the parameters of the table are measured and who would be in charge of it.
How can service and products be measured together? It would be a difficult call for whoever was adjudicating this table to decide which packager was the best and which was number two. Would it come down to personal opinion?
Perhaps it would be better to let the best judges in the industry decide – the brokers who place their business with packagers.