This week’s Personal Column features:
What do you think of Personal Column? | Get the full picture: tip #007 | The cities where tens of thousands have problem debts | Complex lending doesn’t need to be complicated. | Just the job – our income protection is tuned to your clients’ needs | Over 37m paid in IP claims in 2016 | Giving your clients options | Future proof your business with BTL general insurance | Wealth Management Conference 2017 | Advice Quality Workshops | Thank you for attending a September Workshop | Jane Austen polymer £10 note enters circulation
Pre-approved Social Media Posts
Additionally, we’ve included some pre-approved social media posts that you can use on your Twitter, Facebook and LinkedIn accounts.
Simply copy and paste the link onto your social media blog.
Pass it onto your clients
Would you like to keep your client bank updated with all of this week’s news?
We’ve created a client-facing version that’ll do just that; click here to access a copy. You can also share the whole newsletter with your clients using this link: https://buff.ly/2wA2Uop
Personal Touch News
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We want to know if you utilise Personal Column and how we can make it work better for your business. Your feedback will play an important part of our review of how we can improve to suit your needs.
Source: Personal Touch Update
Get the full picture: tip #007
Every week for the next three weeks, we’ll be bringing you tips on making sure you get the full picture with Insight.
This week we focus on reputation.
Insight provides your customers with the opportunity to say how they feel about you before they tell their friends. If it’s good, you can learn from it, celebrate and thank them. If it’s not so good, you can fix it and keep them as a customer…and make sure that problem doesn’t happen again. Reputation is everything in a service-orientated business. If something isn’t quite right in your offering, Insight gives you the opportunity to correct it before damage to your reputation can be done.
Source: Personal Touch Update
The cities where tens of thousands have problem debts
In at least 10 areas of the UK more than a fifth of the residents are missing bill payments repeatedly, according to research.
New figures from the Money Advice Service suggest inner-city areas are the worst affected.
In Newham, in the east end of London, and Sandwell in the West Midlands, at least 22% of residents have problem debts.
In Manchester more than 90,000 adults are struggling with repayments.
The total number of people in such difficulties has risen by about 100,000 in the past six months to 8.3 million, according to the Money Advice Service.
However, that is fewer than the 8.8 million who had problem debts in 2013.
Areas where more than 20% have problem debt
- Newham, East London: 22.7%
- Tower Hamlets, East London: 22.7%
- Sandwell, West Midlands: 22.1%
- Nottingham: 21.9%
- Barking and Dagenham, East London: 21.8%
- Blaenau Gwent, South Wales: 21.6%
- Hull: 21.5%
- Manchester: 21.5%
- Leicester: 21%
- Hackney: 20.9%
By contrast, 9.7% of the population in East Dorset has difficulty meeting bills. Residents of Surrey and Buckinghamshire also tend to have fewer difficulties.
Andrew Bailey, the chief executive of the Financial Conduct Authority (FCA), told the Guardian that debt was a particular issue for those with erratic incomes, such as workers in the gig economy.
“Credit is a means of smoothing (incomes), but the question is how do you structure it in a sustainable fashion?
“It needs government involvement,” he said.
The latest figures from the Bank of England indicate that the growth in consumer credit is actually slowing.
In July, annual growth fell to 9.8%, the slowest pace in over a year. It peaked at a rate of 10.8% in November last year.
However, the squeeze on living standards induced by high inflation and low wage growth could make it harder for many people to repay their debts.
Source: BBC News (published 19 September 2017)
The article is now available to share with your clients! Here’s the link for you to share on social media:
Which areas are worst affected by problem debts? https://buff.ly/2wA2Uop
Complex lending doesn’t need to be complicated.
At Magellan, we understand that life is complicated. It’s natural to try and simplify borrower circumstances, to tidy everything up with restrictive credit scoring – but reality just doesn’t work like that. There’s more to every situation than ticks in boxes and that’s why we guarantee 100% manual underwriting on every single case. No credit scoring in sight.
For your clients who may struggle to obtain a high-street mortgage, whether it’s because of a poor credit score, becoming recently self-employed, affordability restrictions or a less than perfect credit history, Magellan have a range of products to help.
Magellan’s innovative product ranges can accommodate borrowers:
- With a credit score decline who would benefit from a flexible underwriting approach, including self-employed borrowers with a 12 months trading record
- Who have historic or recent CCJ’s or defaults registered against them
- Are currently in or have recently been discharged from a Debt Management Plan or IVA
- Who are limited by the traditional high street income multiples and affordability calculators
- With a complex employment status including zero hours, agency and fixed-term contracts
- Benefiting from family provided undervalue sales and gifted deposits
The product ranges offer:
- Online DIP and Full Mortgage Application
- Up to 85% LTV
- Rates starting at 2.96%
- 2 and 3 years fixed rates
- Variable rates with No ERCs
Find your local regional sales manager here – for new or existing business, make our network of experienced managers your first contact point.
Benefit from using the Magellan Hub, the online mortgage portal providing intermediaries an end to end solution. Register here today.
Alternatively, you can speak to one of our friendly and knowledgeable team at the mortgage desk about any of our mortgage products and services on: 0207 197 9424.
Source: Magellan e-newsletter (received 15 September 2017)
Just the job – our income protection is tuned to your clients’ needs
Being off work because of an illness or injury is one of the biggest risks your clients face. So we’ve improved our Income Protection to better meet your clients’ needs.
|Cover up to 65% of the first £15,000 of your client’s pre-tax earnings, plus up to 55% of the remainder|
|Include certain fixed overheads for your self-employed clients|
|Fracture cover and hospitalisation payment included as standard|
|Back-to work payment to help with any additional expenses when your client returns to work
Source: Royal London e-newsletter (received 14 September 2017)
Over 37m paid in IP claims in 2016
If the unexpected happens…
Your clients can expect to be looked after.
Unfortunately, just because your client is unable to work doesn’t mean that their bills stop needing to be paid. Income protection claims can last for months, years, or in some cases decades – knowing that there will still be money coming in can be a huge relief.
Our income protection policy can give your clients reassurance at a difficult time, providing financial assistance to help with the cost of everyday living, but also offering a range of extra benefits and support services. Helping to support your clients back to work sooner.
The right support, for as long as it takes
In 2016 we paid 3,549 individual income protection claims, with an average claim length of 3 years 16 weeks. Our overall claims rate for individual income protection claims was 92.6%. A statistic to help provide peace of mind to your clients, that if they needed us – we’ve got it covered!
NB. These statistics were calculated using the previous ABI method, as correct in March 2017.
(Number of claims in payment terminated during the year + number of new claims decisions that resulted in the claim being rejected) / (number of claims in payment at start of year + number of new claims decisions made during the year).
Source: Aviva London e-newsletter (received 23 August 2017)
Giving your clients options
Did you know that we have three critical illness products to choose from depending on your clients’ needs and circumstances? Click on the below to find out more.
This is a great introduction for our Critical Illness Options webinar taking place next week
To find out more about our critical illness products why not speak to your Account Manager to discuss the different options, or contact our Business Development Team on 0345 600 6829.
Source: AIG e-newsletter (received 08 September 2017)
General Insurance News
Future proof your business with BTL general insurance
We have a market-leading buy-to-let insurance / landlords’ insurance panel. This gives you and your clients access to Defaqto 5 star-rated products, all through our fully integrated buy-to-let quote engine within Toolbox.
What does this mean for you?
This means that you benefit from:
- Instant cover when required
- Documents being available straight away
- Automatic policy creation
Who’s on panel?
- Legal & General
Additional options available include:
- Accidental damage cover
- Malicious damage cover
- Landlords home emergency
- Rent arrears cover
- Landlords contents cover
Our proposition provides you with fantastic opportunities to place general insurance buy-to-let business for your clients.
Don’t miss out
If you’re unable to advise your clients, then refer buy-to-let business into the Hub and earn. Get in touch at firstname.lastname@example.org.
If you have any questions, please get in touch with the member contact on 0121 767 1002 or at email@example.com.
Source: Personal Touch Update
Wealth Management Conference 2017
Following the continued success of the Wealth Management Conference, we’re delighted to announce the date and venue for this October’s event.
When: Thursday 19 October 2017
Where: Crowne Plaza – Stratford-upon-Avon
In addition, registration is also open for you to secure your place.
Join your fellow wealth advisers, provider partners and Personal Touch staff for a full day and evening of networking and CPD education including:
- Platform presentations from industry experts
- Lively round table discussions
- Unrivalled networking opportunities in our wealth exhibition
This year’s theme is investing through change; highlights include changes to:
- Political and social factors – such as the uncertainties caused by Brexit.
- Technology – the changes and opportunities by innovations.
- Advice – due to new legislation and / or regulation
- Horizons – clients’ long and short term investment horizons.
- Circumstances and advice – clients’ material circumstances and the resultant investment advice.
For those of you joining us for the evening dinner, we’d also like to offer you complimentary accommodation. This will be for the evening of 19 October (to the morning of 20 October) at this fantastic venue.
Look out for more details coming soon about the exciting agenda and the fabulous speakers who will be joining us.
We look forward to welcoming you on Thursday 19 October.
Source: Personal Touch Update
Advice Quality Workshops
We’re launching a new kind of workshop…and you’re invited.
Your member competence consultant will be bringing an Advice Quality Workshop to a venue near you this October.
These events are designed to complement the September Workshops, giving you the tools to help you achieve your goals for the final quarter of 2017.
Attending a workshop will offer you support in improving file quality and first time pass rates. What’s more, they’ll give you:
- Best practice guidance
- Practical demonstrations
- An opportunity to share ideas
- Guidance on policies, processes and procedures
- Support in reducing common issues raised by advice quality review
- Demonstrations of how our technological initiatives can support you
- Three hours’ worth of CPD
Dates, Locations and Venues
|03/10/2017||Scotland||MacDonald Hotel Uphall, Livingston, West Lothian EH52 6JS|
Basingstoke, Hampshire, RG24 9NU
|09/10/2017||Norfolk||Ayton House 11-17 Ayton Road, Wymondham, Norfolk, NR18 0QQ|
|10/10/2017||Birmingham||Trinity 3, Trinity Park, Solihull, B37 7ES|
|10/10/2017||Willerby (Hull)||Mercure Hull Grange Park Hotel Grange Park Ln, Willerby, Hull HU10 6EA|
|10/10/2017||London (LDC)||LDC, One Vine Street,
London. W1J 0AH
|11/10/2017||Staffordshire Stoke||Travelodge Stoke Talke Hotel, Newcastle Road, Talke, Stoke-on-Trent, Staffordshire, ST7 1UP|
|11/10/2017||South East Canterbury||Holiday Inn, Upper Harbledown , Canterbury, CT2 9HX|
|12/10/2017||Newcastle||Metropolitan House, Longrigg Road, Newcastle, NE16 3AS|
|12/10/2017||Birmingham||Trinity 3, Trinity Park, Solihull, B37 7ES|
|16/10/2017||Widnes||Select Security Stadium Halton, Widnes, WA8 7DZ|
|18/10/2017||Colchester||The Holiday Inn, Abbotts Ln, Eight Ash Green, Colchester CO6 3QL|
Each workshop will last three hours, starting at 10:00 and closing at 13:00.
Secure your place using FOCUS.
Source: Personal Touch Update
Thank you for attending a September Workshop
Thank you for attending the recent Personal Touch Workshop. We’re delighted that you were able to join us and we hope you found the event useful and informative.
We’d like to take this opportunity to gather your feedback, in order to ensure we continue to get support from our provider partners for future events.
It’s important to identify key successes and areas for improvement so we’d be grateful if you could spare a few moments of your time to complete our short survey, by Friday 06 October. Once you’ve completed the survey, this will generate your CPD certificate for the event.
Source: Personal Touch Update
Jane Austen polymer £10 note enters circulation
The new £10 note featuring novelist Jane Austen has entered circulation – marking a return of a woman in addition to the Queen on Bank of England notes.
The launch comes after a four-month period when women, apart from the Queen, have not been represented on the Bank’s notes.
The last was the £5 note featuring reformer Elizabeth Fry which was replaced by a Winston Churchill fiver.
The new £10 note is made of polymer and includes raised dots for blind people.
It replaces the paper £10 note, with the portrait of naturalist Charles Darwin, which will still be accepted in the shops until spring 2018. The exact date of withdrawal will be published three months in advance.
“Our banknotes serve as repositories of the country’s collective memory, promoting awareness of the UK’s glorious history and highlighting the contributions of its greatest citizens,” said Bank of England governor Mark Carney.
“The new £10 note celebrates Jane Austen’s work. Austen’s novels have a universal appeal and speak as powerfully today as they did when they were first published,” he said.
Scottish banknotes can be issued by a number of banks. They will launch their new £10 notes into circulation in the coming weeks.
The representation of women has continued on Scottish notes, with doctor and suffragist Elsie Inglis still the face of Clydesdale Bank’s £50 note and writer Nan Shepherd on the RBS polymer £5 note.
One billion polymer Jane Austen £10 notes have been printed and will be fed into general circulation over the coming weeks and months.
The Bank said polymer, also used with the new fiver, was more durable and cleaner than paper notes. It has persevered with this, despite complaints from religious and vegan groups that the animal fat tallow is used in the production process.
Following consultation, the Bank said in August that it would continue with the use of tallow in future banknotes – saying that it “has not taken this decision lightly”.
The Bank assessed whether palm oil or coconut oil should be used instead, but concluded that this might not be able to be sourced sustainably and changing production would also involve considerable extra costs to taxpayers.
Source: BBC News (published 14 September 2017)