T11658 LIMELIGHT 54 Autumn 2018_ebook

LIMELIGHT A Tenet Group Publication for Appointed Representatives of TenetLime

Issue 54 n

Autumn 2018

Five things you need to know about the IDD - Insurance Distribution Directive IN THE DRIVING SEAT Diabetes Life Cover helps your clients take control adviser.royallondon.com/diabetes

ALSO IN THIS EDITION Market Watch - helping you place your trickier cases Events - Make sure you book your place at the Annual Adviser Forum

PLUS: Limelight gets ‘Up Close and Personal’ with our Head of Marketing and Communications

Protection can be complex and expensive for people living with diabetes.That’s why we’ve created a product and an application process that’s tailored to them. Diabetes Life Cover is specifically designed for your clients with type 1 and type 2 diabetes, helping them get the cover they need quickly. And it works flexibly with their health, so premiums could be reduced if their condition improves. Find out more at adviser.royallondon.com/diabetes

THIS IS FOR FINANCIAL ADVISER USE ONLY AND SHOULDN’T BE RELIED UPON BY ANY OTHER PERSON.

LIMELIGHT A Tenet Group Publication for Appointed Representatives of TenetLime

Issue 54 n

Autumn 2018

Five things you need to know about the IDD - Insurance Distribution Directive

ALSO IN THIS EDITION Market Watch - helping you place your trickier cases Events - Make sure you book your place at the Annual Adviser Forum

PLUS: Limelight gets ‘Up Close and Personal’ with our Head of Marketing and Communications

Introducing Post Office Family Link ™ No deposit. No problem. I troducing ost Office Retirement Link ™ A residential mortgage for retired customers with pension income.

Post Office Family Link™ is designed for your first time buyers who haven’t saved a deposit but have good affordability. They simply take out a 90% LTV mortgage against the property they’re buying. Then with their assistor (parent or close relative) they take out a mortgage for the remaining 10%, secured against their assistor’s mortgage free home. Help your first time buyers get their first home sooner with Post Office Family Link™. With Post Office Retirement Link™ you can help your retired customers secure a mortgage using t ir guaranteed pension income. And as this is not equity release, you can offer this solution without the need for a lifetime qualification. There ar two options available: • Our capital and interest option allows your customers to still own their ho e at the end of the mortgage term, so they’ll be able to pass on 100% of their home when the time comes. • With our interest only option they’ll be able to access a lump sum secured against their mortgage free home and repay the loan when they sell their home. So whether your customers would like to help out family members or make some home improvements, Post Office Retirement Link TM allows them to live retirement their way. Now that’s something to smile about.

Talk to your Corporate Account Manager or visit po4i.com to find out more. Together, we make it happen. today or v sit po4i.com to find out more.

Post Office Money® Mortgages are provided by Bank of Ireland (UK) plc. Post Office Limited is an appointed representative of Bank of Ireland (UK) plc which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Bank of Ireland UK is a trading name of Bank of Ireland (UK) plc which is registered in England &Wales (No. 7022885). Bow Bells House, 1 Bread Street, London, EC4M 9BE. Post Office Limited is registered in England and Wales. Registered Number: 2154540. Registered Office: Finsbury Dials, 20 Finsbury Street, London, EC2Y 9AQ. Post Office Money® and the Post Office Money® logo are registered trademarks of Post Office Limited. F0359 MA091 12475180710A F0359 MA092 12476180716

Editor’s Foreword Sara Healey Marketing Consultant

Contents

TenetLime Support 4-5 Industry Update Simon Broadley gives us an Industry Overview 6-7 Five things you need to know about the Insurance Distribution Directive (IDD) If you play a part in

4

Hello and welcome to Limelight: In this issue of Limelight we are pleased to introduce a new feature called ‘Know your lender’. ‘Know your lender’ is an opportunity for participating lenders to highlight their propositions, unique selling points, criteria, rates and special offers; all to help you best service your clients. In this first focused section, five lenders highlight their expertise within the mortgage market and how they can support Tenet advisers throughout the customer journey – see pages 18 – 23 . We also have our regular industry overview from Simon Broadley, Managing Director of TenetLime. Simon’s update covers key industry initiatives touching on the Insurance Distribution Directive (IDD), Mortgage Market Study and Retirement Interest-Only Mortgages and leads nicely into our headline article giving you all the information you need to know about the IDD. Take a look at pages 5, 6-7 . We have also produced a webinar on the IDD which you can view. See the events section for more on this. Our popular marketing toolkit can help you grow your business this autumn. We have a wide range of posters, leaflets, adverts and social media posts – designed to let you pick and choose what you want ‘off the shelf’ already compliance approved and ready to bespoke with your name and logo. Why not visit the extranet to view the range, but in the first instance have a read of page 12 . Market Watch concentrates on the Retirement Interest-Only Mortgages with Sam and Gavin having researched the market for you and keen to assist you with identifying products that meet your older clients’ needs, in addition to placing trickier mortgage cases. See the full article on page 13 . Finally, we talk to Jonathan Hydes, Head of Marketing and Communications to find out more about what makes Jonathan tick, both in the world of work and home, with our Up close and personal feature. So enjoy reading this issue and please do let us know if you think we can improve the magazine in any way. Best wishes Sara J Healey Marketing Consultant

putting insurance in the hands of a consumer, the IDD is of relevance to you

10

Up close and personal

with Jonathan Hydes, Head of Marketing and Communications

6

13

Market Watch

Provider Support 15 Halifax

A matter of interest

26

AIG Let’s change the conversation on critical illness Scottish Widows Revolution or Evolution Royal London Is it time for fairer access to protection?

26

30

32

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Editor: Sara Healey

LIMELIGHT is a Tenet Group publication 5 Lister Hill, Horsforth, Leeds LS18 5AZ. Tel 0113 239 0011 Fax 0113 239 5322

Terms and Conditions. Although every effort has been made to ensure the accuracy of the information contained in this publication, The Tenet Group cannot accept responsibility for any errors it may contain. The Tenet Group cannot be held responsible for the loss or damage of any material, solicited or unsolicited. No reproduction of any part of this publication, in any form or by any means, without prior written consent from The Tenet Group. The views expressed in this publication do not necessarily reflect those of the advertisers or the publishers.

WELCOME - 3

Industry OVERVIEW

Simon Broadley Managing Director, TenetLime Ltd

4 - TENETLIME SUPPORT

In a summer that will no doubt stay in our memories for years to come for football almost coming home and having some actual summer weather, we also seem to have enjoyed a bit of a respite from the usual pace of regulatory change. A few months down the line from GDPR implementation, a large reduction in related calls to our compliance helpdesk would seem to suggest a growing level of confidence with the requirements. The ICO has stated they’re looking for ‘dedication rather than perfection’ so as long as you evidence the progress you have made and formalise a plan for completing what remains to be done then you are in a good position. I couldn’t go without mentioning our recent win at the Money Marketing Awards 2018, where we have now taken the title of ‘Best Network’ for two years running and three times in the last four years, which is a fantastic achievement and a clear indication that we continue to move the business in a positive direction, as well as a ringing endorsement of the quality our membership. A new string to our bow these past months have been our ‘Complete Mortgage Events’ across the country, visiting Leeds, London and Birmingham. These were organised to assist you with staying up to date with current regulation, best practice and the latest products and services from our provider partners and have proved very popular, so thank you to everyone who supported them - they are on the plan to be repeated again next year.

So, what’s been happening within the industry and what’s on the horizon? Insurance Distribution Directive The Insurance Distribution Directive (IDD) - essentially MiFID2 for insurance! – is coming into play on 1st October 2018. It aims to create a level playing field across all participants selling insurance products to ensure consistent standards, increased transparency and consumer protection and to promote competition within the market. Applying to all businesses involved in the insurance supply chain, it will impact sales of pure protection, general insurance, investment bonds and other insurance based investment products (IPIDs), including online distribution, such as via a website or product comparison sites. Essentially it will have minimal impact on firms’ day-to-day operations but the broad scope makes small changes in a number of areas. Based on your feedback on our GDPR support, we’ve provided upfront a plain English guide and checklist, an FAQ document and hosted a webinar that you can now watch on demand. Anyone distributing insurance products will have to log at least 15 hours’ of continuing professional development (CPD) per year post-October and for our advisers, the change here is that now 15 hours have to be identifiably insurance-related and that this requirement extends to all staff involved in the sale of insurance, including arrangers, paraplanners and claims handlers. The good news is that focus:progress had an update in Spring and now has an IDD section to log related CPD, so it’s a great solution in the post-IDD world. Further to our CPD survey, we’ll also be arranging for the provision of additional licenses for those staff who need to log CPD from 1st October. See page 6 for more details about what is changing, plus all our support is in the IDD section of the compliance area on the extranet.

Mortgage Market Study The Mortgage Market Study has been a key topic at the last three AMI board meetings I have attended, causing some quite heated debate! As a board, we are approaching this in two ways – firstly, a lot of the FCA’s analysis focuses on pricing and we continue to have reservations and concerns over the methodology and underlying >Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44

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