"Our new referral option in Revolution definitely makes it far easier for a client to be put in touch with a protection specialist, every time."
- Rob Clifford, Stonebridge chief executive
Stonebridge plans to achieve this feat either through empowering advisers to write the policy themselves or by referring clients to Stonebridge Protect, the specialist referral service. This new campaign will also engage with the confirmation process should clients decline cover.
For every referral made to Stonebridge Protect that converts to a policy, a percentage of the commission will be paid to the member firm, with primary customer ownership remaining with the originating mortgage adviser at all times. Stonebridge believes this will create valuable income for its members and ensure advisers are having a protection conversation with every client, every time, and do not leave clients exposed to potentially life-changing events that protection policies would cover.
Rob Clifford, Stonebridge chief executive, has said:
“According to research by Swiss Re, there is a £2.4 trillion protection ‘gap’ in the UK, and this campaign focuses on the ways and means by which advisers can start to close that gap by ensuring every client has the right conversation with a mortgage or protection adviser.
“Given such a huge gap in the UK market, it’s crucial we recognise the real value adequate protection cover can have on people’s lives when they are confronted with a life-changing event.
“The industry, consumer lobby, and regulator all recognise the importance of this subject. The soon-to-be-published Consumer Duty rules are likely to focus on ensuring advisers are doing the right thing for their clients – every time. It will impose higher expectations for the standards of care mortgage and protection advisers provide to their clients, and we expect that part of this will be to ensure protection is clearly offered.”