Limelight – Issue 57

Mortgages Market Study: FCA proposes changes to its mortgage sales requirements LIMELIGHT A Tenet Group Publication for Appointed Representatives of TenetLime

Issue 57 n

Summer 2019


ALSO IN THIS EDITION Market Watch - Find out more about changes within the Buy to Let Market Events - Book your place on our latest mortgage events and our 2019 Adviser Forum

PLUS: Limelight gets ‘Up Close and Personal’ with Lime’s Technical Services & Research team

To help you meet the challenges of the Insurance Distribution Directive (IDD) requirements, we’ve launched a CPD hub that’s packed with research, webinars and guides to make it easy to build up those valuable CPD hours.


Mortgages Market Study: FCA proposes changes to its mortgage sales requirements LIMELIGHT A Tenet Group Publication for Appointed Representatives of TenetLime

Issue 57 n

Summer 2019

ALSO IN THIS EDITION Market Watch - Find out more about changes within the Buy to Let Market Events - Book your place on our latest mortgage events and our 2019 Adviser Forum

PLUS: Limelight gets ‘Up Close and Personal’ with Lime’s Technical Services & Research team

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Editor’s Foreword Natalie Yarwood Marketing Consultant


TenetLime Support 4-5 Industry Update

Simon Broadley gives us an industry overview Market Watch Find out more about changes within the Buy to Let Market Mutata aut Mori – change or die Richard Conway shares some insight into the change taking place within TenetLime New five year technology deal with Intelliflo



Hello and welcome to Limelight: In this issue, TenetLime’s Managing Director Simon Broadley looks back on the past quarter, with the FCA’s Mortgages Market Study findings being one of the main talking points, as well as the FCA’s Business Plan for 2019/20, the increased FOS compensation limit and the Implementation of Intelligent Office (iO). Find out more on pages 4 & 5 . In our Market Watch update, Paul Hewitt looks into changes within the buy to let market and the impact of tax relief changes for residential landlords. Read more on page 6 for more information . We get to know Bryony Morris and Paul Hewitt from Lime’s Technical Services & Research team, who feature in our ‘Up Close and Personal’ this edition. As well as getting to know them both some more, we shine the light on how Technical Services & Research team can help you with your mortgage research and case queries. Learn more about Bryony and Paul from our Technical Services & Research team on pages 10 & 11 . Finally, we look at how Intelligent Office will benefit your business and improve your efficiency via IT for the future. What’s more, we look at what you can do now to ensure you are ready for migration. Find out more on page 8 . We hope you enjoy reading this edition of Limelight. Best wishes Natalie Yarwood




Find out how Intelliflo will add value to your business 10-11 Up Close & Personal Get to know Paul and Bryony from TS&R 13 Leading Lights 14 Tenet Events Book your place at one

of Tenet’s upcoming events. Plus save the date for 2019’s Adviser Forum


Provider Support 19

Age Partnership What’s next for the equity release sector? Canada Life Why choose Canada Life for Individual Protection? Together Exploring why over-50s over-indexing in the bridging loan market. Plus much more…




Editor: Natalie Yarwood

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.


Under the omnipresent shadow of Brexit, 2019 is not proving to be a great year for growth, with house prices remaining subdued, just 0.9% higher in April than the same month last year, and continuing Bank of England uncertainty. It’s not all negative however and the current competitive lending landscape is driving a lot of positive activity for consumers, with a healthy stream of new products and reducing rates. This can also be the cause of a few casualties, with Magellan Homeloans for example ceasing to trade in March, blaming an unsustainable market. Fleet Mortgages also withdrew from the mortgage market in January, but we understand it has a new funding line and is returning to the buy to let market soon, with a new range of products. Talking of buy to let, our Market Watch feature this edition focuses on the buy to let market where residential landlords are increasingly feeling the pressure due to the tax relief changes. Read the full article on page 6. FCA’s Business Plan 2019/20 Outside of supporting a smooth transition, post-Brexit, the FCA’s priorities for the coming year were mapped out in its latest business plan and included working to improve firms’ culture and governance and operational resilience, fighting financial crime and improving the treatment of customers. No surprises therefore as we are generally seeing continuations on current themes. Ensuring the fair treatment of customers will be achieved by monitoring firms’ practices, including the information they give prospective and current customers. This will include remedies proposed in the Mortgages Market Study and will be fed into by current work being carried out in a market study on general insurance pricing practices and a focus on competition in the cash savings market. We’ll touch more on the Mortgages


Simon Broadley Managing Director, TenetLime Ltd


Market Study further on, but in their other areas, the regulator will consider what action will best address any perceived issues,

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(MMS) final report itself, in the last issue of Limelight I focused on the two key areas that could drive change within the industry - a proposed digital comparison tool to help select the ‘right’ adviser and the desire to support ‘mortgage prisoners’ in switching to a better rate. Another topic under the FCA’s microscope is related to concerns about ‘making it easier for consumers to choose the right mortgage’. It cited the prominence a mortgage has, making up 80% of total UK household liabilities, and thus the importance in selecting the best value product. The regulator identified that 30% of customers could have found a cheaper equivalent mortgage deal; at an annual average saving of £550 per year. This was consistent across both intermediary and direct mortgage sales, which then drove further questions around the reasons for this. The stand-out reason was clarity - particularly clarity of certain eligibility criteria. The study covered how pricing is naturally driven by criteria, and thus where there is uncertainty around eligibility, there is potential for a consumer to be paying for more than they need to (e.g. a higher maximum LTV, or maximum age than they require). The study stated ‘a consumer should buy a mortgage for which they just meet the eligibility criteria’. Easier said than done of course, but they did refer to the types of criteria where they believed the product chosen had stricter requirements than other equivalents. This was due to the transparency of the criteria in question and maximum LTI and minimum credit score were shown as the two biggest offenders. What I find encouraging is – against the backdrop of these findings – is that those consumers using intermediaries were much less prone to taking a mortgage product that was costlier than it should be, with ‘only around 20%’ missing out on ‘significant savings’. It is recognition of the vital part advisers play in ensuring that UK consumers find the most suitable mortgage for them. And given the increasing proportion of mortgages sold through advisers, the study did not propose to intervene any further. I’d see this as a direct reflection of the diligence of all our members – and the wider intermediary market – in maintaining high standards of professionalism. What the study did hope for however, was a greater level of understanding from consumers on the mortgage products they would be likely

including whether price interventions may be appropriate. The regulator also prioritised identifying business models that drive unaffordable lending, with particular focus on some retail lending products, including some subprime credit and second charge mortgage products, which are designed to benefit from consumers not repaying their debts. The message on financial crime is that it is still very much on the agenda and firms must remain diligent and declare any criminal activity that they become aware of, as well as have appropriate safeguards in place. Over the coming year, the regulator expressed its intention to monitor firms’ progress in improving their AML controls as one indicator of whether the potential harm to consumers and market integrity is likely to have reduced. In summary, all firms need to ensure that their client’s needs, (both new and existing) are at the heart of everything they do in pursuit of a good client outcome, delivered by appropriate and fairly priced products and services. This is underpinned by good MI capabilities and ensuring client files are complete and in order. Mortgages Market Study As I write, the FCA has published its consultation on mortgage advice and selling standards, which includes proposals to change its mortgage advice rules to make it easier to offer execution-only options to borrowers and to equalise treatment of advised and execution- only sales. It will also require mortgage advisers to keep a record of why they did not recommend a cheaper mortgage, if the product recommended was not the cheapest policy that met the customer’s needs and circumstances. These proposals are one part of a package of remedies from the Mortgages Market Study. ‘unnecessarily channelled’ into advice and said its rules on advice could have been a barrier to the development of tools that help consumers choose and buy a mortgage. Based on the fact that the original study found that the mortgage market is working well for most customers, these developments are concerning – if it ain’t broke, don’t fix it comes to mind! We will therefore be keeping a close eye on how this progresses and as ever, represent your best interests via my board position within AMI and other channels. Looking back to the Mortgages Market Study In March, the regulator also stated it was concerned consumers were being

to qualify for, at the earliest possible stage, utilising APIs to drive multiple decisions in principle from lenders. They continue to work with a cross-section of lenders, intermediaries and fintechs to explore such possibilities. There was pushback within the industry around the level of focus the study gave to price when conducting the study, and thus the idea of simple decision in principle based largely on price isn’t a perfect one. You know better than anyone, that there are numerous factors to be considered when picking the ‘right’ mortgage, and it is my view that the best place for a consumer to select the right mortgage is in conjunction with the expertise of qualified advisers with a broad range of lending products to choose from. Increased FOS compensation limit From 1st April, the Financial Ombudsman Service compensation limit increased from £150,000 to £350,000 for complaints about actions by firms on or after that date. There has been a lot of concern within the market about what the effect on advice firms and professional indemnity insurers will be, with the FCA estimating that PII insurance premiums could go up by 140 per cent and may force 1,000 ‘higher-risk’ advisers to leave the market. The worst-case scenario modelled by insurers sees premium hikes of between 200 and 500 per cent! We are pleased to report that there is no change to our own captive PII policy however in relation to this, as we don’t set a single claim limit, so cover will be the same for FOS or legal cases, and our PII cover provides the same comprehensive cover for all sectors. Implementation of Intelligent Office (iO) Without doubt, this implementation is the number one priority for us as a leadership team and the entire business in 2019 and we are currently on track, working towards a launch in Q4 of this year. We’re keeping you updated via our weekly Intelligent Office (iO) communications and our dedicated iO extranet area. We recognise that iO is an emerging player in the mortgage and protection market but they are keen to work in partnership with us to increase their foothold as a leading mortgage IT provider. If you turn to page 8, you can read more about the benefits that the system will offer for brokers. In terms of the regulatory environment however, technology is a very effective way of reducing the strain and helping ensure compliance within a world that we know is all too often subject to change.

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transition, exit, the FCA’s for the coming ere mapped its latest ness plan


MARKET WATCH with TENETLIME’s Research & Technical Specialist BUY TO LET MARKET CHANGES With the end of the final phase of tax relief changes for residential landlords due in April 2020, the impact this is having on the BTL market is increasingly noticeable with a number of lenders entering the limited company BTL market. Limited company BTL mortgages are increasing in popularity with landlords due to the more favourable tax situation of holding a BTL property within a limited company. Since April 2017, when the tax relief changes began phasing in, landlords with a portfolio of personally owned properties have gradually seen their profits reduce, tax bills increase, and are therefore deciding to transfer properties into an SPV (Special Purchase Vehicle) limited company. It’s worth briefly revisiting these tax relief changes and the impact they are having on the BTL market in view of the fact that advising on limited company BTL mortgages will become more of the norm rather than the exception. Providing tax advice to BTL landlords is not permitted for mortgage advisers without the relevant qualifications, but understanding how the system works is important for advisers who offer BTL mortgages, so they have a greater comprehension of the differences between standard BTLs and limited company BTLs. Until April 2017, landlords could deduct 100% of their mortgage interest and other allowable costs from their rental income, before calculating their tax liability. This is gradually being phased out by reducing the allowable deduction of mortgage interest from rental income by 25% each year until this hits 0% from April 2020. This change is effectively shifting the taxation from net profit to gross income. From 6 April 2020, tax relief for finance costs (mortgage interest) will be restricted to the basic rate of income tax, currently 20%. Relief will be given as a reduction in tax liability instead of a reduction to taxable rental income. Allowable costs (not mortgage interest related) will continue to be allowed to be deducted. HMRC estimate that 82% of landlords who are below the higher rate tax threshold (£50,000 for 2019/2020) won’t have any additional tax to pay, so the changes mainly affect higher rate tax payers. A basic example for a higher rate tax payer would be: Previous tax system (2016/2017) New tax system (from April 2020) Rental income £12,000 Rental income £12,000 Mortgage interest £6,000 Mortgage interest nil deduction Allowable costs £2,000 Allowable £2,000 Taxable Income £4,000 Taxable Income £10,000 Tax due (40% rate) £1,600 Tax at 40% rate £4,000 Profit £2,400 Mortgage Interest Relief (20%) -£1,200 Tax due £2,800 Profit £1,200

Paul Hewitt

This example demonstrates the difference in profitability that a higher rate tax payer may experience from April 2020. Although, some landlords with larger BTL portfolios may find they could be making a loss if their mortgage interest cost is 75% or more of their rental income. If they wish to continue running their portfolio as a profitable business, the use of limited company structures will help them counteract changes to tax relief. Buying a BTL property through a limited company, or transferring existing BTL properties into a limited company, can be complex and more expensive to arrange but it can save landlords money in the long run. Properties within a limited company are exempt from the new tax rules and subject to corporation tax on profit after costs. In order to transfer the properties into a limited company, the properties must be legally sold, which brings four potential costs that the landlord needs to consider: • Stamp Duty Land Tax - on the sale from individual to the limited company • Capital Gains Tax – potentially due on the sale from individual to the limited company • Mortgage fees – potential ERCs on the existing mortgage being repaid at the point of property transfer and re-mortgage fees for the new limited company BTL mortgage • Solicitor’s fees – for the sale and purchase between individual and limited company The limited company can be setup in one of two ways, depending on the landlord’s requirements: • Special Purchase Vehicles (SPVs) – these only hold property and don’t operate in any other capacity • Trading Company – A company that trades as well as holds properties. Many BTL mortgage lenders will only lend to SPVs although there are a few who will also lend to trading companies. Depending on the lender’s requirements, a personal guarantee is usually required from each director of the limited company and from any shareholder with a 25% or greater shareholding. To summarise, when using a limited company to hold property: • Profits are subject to Corporation Tax (currently 19%) and exempt from the tax relief changes for residential landlords. If profits are drawn through dividends, then additional tax will be payable. • Higher rate tax payers could benefit from better tax planning by keeping profits within the limited company and withdrawing profits strategically to keep within tax thresholds • Profits within the limited company could be used to fund further BTL purchases • Limited company BTL mortgage products are at higher interest rates and arrangement fees can be higher in comparison to standard BTL mortgage products. Extra costs need to be factored in such as accountancy fees and solicitor’s fees. Providing tax advice to BTL landlords is not permitted by mortgage advisers without the relevant tax advice qualifications and clients should always be directed to a qualified tax advisor who will determine if the client should go down the limited company BTL route or not.


Mutata aut Mori - change or die

Richard Conway General Manager, TenetLime

They say the only constant in life is change. Who ‘they’ are has never been clear to me, however they seem to be convinced, and right now, so am I.

Part of being the “Best Network” means adapting to the changing needs of our advisers and the wider market. The phrase ‘change or die’ is now being playfully used around the office to remind us of that very fact, and far from being in any danger of ‘dying’, we’re embracing change in all its forms. I mentioned in the last issue how we have set out to review what Lime means to you. What we like, what we don’t. How we can improve. Over the last few months, that work has gathered pace, and is now reaching the point where we can begin to work through the data to make sense of what you’ve told us. It’s a huge piece of work involving practically everyone across the business to one degree or another. Led by our Head of Insight, Richard Brook, we’ve conducted a huge amount of research in a relatively short space of time; internal focus groups with colleagues, interviews with directors, questionnaires by the bucketload, and most importantly over 300 telephone interviews with many of you, as well as advisers from other networks, plus visits to firms to get a better understanding of the challenges you face each day. This phase was the ‘fact-finding’ part of the process. We’re now moving on to the ‘sense- making’ phase; where we will review the many elements of feedback and understand the key

relates to Lean Six Sigma, and an interesting origin story around how it was used to turn around the fortunes of Toyota between the late 1940’s and mid 70’s. We’ve been using it within the Customer Journey Management project to review the initial part of that journey: the recruitment process. The first element has been completed; mapping out the existing ‘journey’ that an adviser or firm undertakes when joining Lime, and getting everyone involved in that journey to look at it through the eyes of the adviser. Where are the delays? What is frustrating? And then next phase, which is about to get underway, is to make the changes that will improve the journey. It is right to start at the beginning of the customer journey, as it will allow those improvements that we make to flow through to the next phase; the phase you are in now – the ongoing service we provide – and will link with the wider feedback gathered by our Insight team. You’ll agree that these are significant initiatives that we’re running, and we want to ensure we deliver them well. We’ll keep you updated on progress and seek your feedback to ensure what we’re doing is right for you. Until next time, I’d like to say a sincere ‘thank you’ for all the input you have provided so far, and here’s to change!

themes. This will take a few months, leaving no stone unturned, and we will then play back this feedback to members to ensure we’ve interpreted things correctly, and our proposals for change are hitting the mark. In addition, there are a few of other things worth sharing relating to big changes currently underway; helping Lime cement itself as the best network in the UK. I will take this opportunity to welcome Julia Elliott as our IT & Change Director. Many of you will have seen Julia when we announced our partnership with Intelligent Office. The fact that we have created a role at Director-level, specific to Change, is a sign of how serious we are about delivering meaningful improvements. The introduction of Intelligent Office is of course a prime example of this, and Julia’s background in multiple change roles includes working on this software puts her in a fantastic position to lead us through this change. Another piece of work I’m excited about is our Customer Journey Management project. This is another collaborative effort involving colleagues from across Tenet, utilising Lean Six Sigma principles to review processes and strip out ‘waste’; things that simply don’t add value to the customer – who in this case, is you, the adviser. There’s a lot of theory that

We have set out to review what lime means to you. what we like, what we don’t. how we can improve.


TECHNOLOGY 10 ways Intelligent Office will benefit your business

Julia Elliott IT & Change Director

ARE THERE ANY ACTIONS FOR ME TO TAKE? Currently, there are three actions we have suggested that you could undertake: Getting your data in good shape for migration – we outlined five data housekeeping activities that it would be beneficial to undertake, including removing any duplicate client records and ensuring that ongoing fees are accurately recorded. Add any additional documentation that you would like to be migrated over from Tenet Advantage - these documents need to be added against the client. Review your notice period with your current data storage provider if you currently purchase data storage but would like to utilise the Amazon storage post go-live, which is included at no additional cost. To make sure you’re up to date with the latest news on implementation, please ensure you read our weekly Intelligent Office updates or you can visit our dedicated extranet area within the ‘My Business’ section of the extranet. If you have any questions, please email:

Following our recent Value Proposition Review interviews with members, three quarters of you told us that improving your back office system was a top priority over the next 12 months and 74% of you want to improve your efficiency via IT over the next year. Intelliflo’s Intelligent Office is an emerging force within the mortgage market and it’s through the partnership with Tenet that they believe they’ll become a leading player in this market in the next two years. So, what tangible benefits will it bring to your business? We’ve summarised the top ten areas where we feel Intelligent Office really adds value, both for you day-to-day, and within Tenet so we can improve our services to you. 1  A core off-the-shelf solution that we have configured to the needs of a modern financial advice firm, to help you effectively manage the full end-to-end advice service. 2  Electronic, pre-approved fact finds and suitability reports , published directly to firms through the system. 3  Regulatory protection for your business through more transparent, automated processes. 4  Support with GDPR requirements - secure client communication, with a clear audit trail for evidencing how documents have been securely shared and handled, plus Amazon data storage is included as part of your licence. 5  Client Portal - gives you and your clients an invaluable tool to be able to view financial information 24/7 and interact via a secure, online ‘hub’ anywhere, and on any device. 6 Amazon document storage – provided at no additional cost. 7  Accurate and streamlined remuneration matching service , offering improved income related business reporting. 8  Single client view – Only ever enter a client’s details once and these will be pre-populated through the system, from lead management through to the initial fact finding, needs analysis and suitability.

9 Integration with best of breed third parties to give you access to a wide range of tools via the online iO store, including Iress, Trigold & Exchange, Assureweb, Solution Builder and integration with Twenty7Tec. 10  A more streamlined, responsive service from Tenet with integrated file checking, leading to improved service level agreements.


Richard Brook Head of Insight and Proposition

A note of appreciation

I would like to personally say a huge thank you to all the advisers who recently participated with our research interviews and surveys over the last few months. We do appreciate this has taken time out from your busy schedules and it has provided us with some invaluable first-hand feedback about your experiences with us and the services we provide. The next steps involve analysing all the data we have collected and we look forward to sharing the outcomes with you in due course.

Until then if you have any further feedback please don’t hesitate to get in touch Email: • Call: 0113 239 5150

Take advantage of our Marketing Toolkit area of the Extranet Boost your business with our marketing service. You can pick from a range of leaflets, posters and adverts covering a wide range of themes, which are ready to use straight away… and it needn’t cost you a penny! Grow your Business with help from Tenet

Plus, don’t forget to take advantage of our range of social media posts and adverts. You can choose between a range of Facebook, Twitter and LinkedIn posts, these are designed to work alongside advert images which have been produced as jpeg images. In the majority of cases it is necessary to include the relevant advert image to make the post compliant (as it carries any necessary risk warnings), but there are also some posts which can be posted with or without an advert. The advert images are important in social media terms as they will help your post stand out.

If you need any help, call 0113 2390011 and ask to speak to the Marketing Team or email


UP CLOSE & Personal

Bryony Morris

Under the spotlight in this issue is both Bryony and Paul from Lime’s Technical Services & Research team.

What’s in it for you? Through the mortgage helpdesk that now sits within the Technical Services & Research team you will have the support of our experienced mortgage specialists any time you may need it. This award winning team have a combined wealth of knowledge in mortgage advising, administration, compliance, underwriting and packaging, and are on hand to guide you through any cases you may be finding hard to place. What does the service include? Both Paul and Bryony are on hand to support you with any kind of mortgage research query that you may have and for the more unusual research cases can even contact lenders on your behalf for more clarification. The team also offer criteria support through Tenet’s unique mortgage research spreadsheets that are available to you through the Extranet website. They meet with lenders on a regular basis to make sure the information is up-to-date and to keep their fingers firmly on the pulse of the mortgage industry. • Technical support and advice offered on mortgage cases, covering complex areas such as LTD company BTLs, Expats, unusual incomes, non-standard properties, etc • We keep up to date with lender’s criteria changes and new mortgage products which can be difficult for advisor’s to keep up to date with, meaning we are your point of reference and can save you time researching • Help solving difficult mortgage cases where the clients will not fit with a standard lender • We have excellent relationships with lenders and their BDMs, meaning quicker solutions to your complex mortgage queries, ensuring you can maximise your mortgage business Key benefits:

Bryony and Paul are able to support you with your mortgage research and case queries so that you are well equipped to best serve your clients and their requirements.


Paul Hewitt

What are your hobbies and interests outside the office? Bryony: I am a big lover of music so outside of work you will always catch me listening to some kind of loud music wherever I go, whether it’s in my car or house – my neighbours are very fond of me! I am also a big fan of music festivals and gigs and try to attend as many as I can every year. This year I’m attending Parklife, Kendal Calling and also have a Spice Girls concert lined up for later this month. Paul: Generally making sure my pregnant wife is comfortable and satisfied through regular Tesco trips for ice cream and chocolate (happy wife = happy life)…I also enjoy cycling, movies, live comedy, music and DIY projects If you could trade places with anyone for the day who would it be and why? Bryony: I would trade places with my cat Lola as she has the most envious of lives sleeping all day and being waited on hand and foot! Paul: Hmmmm… difficult to choose just one but I definitely fancy being Noel Gallagher back in the 90s when they were at their peak - that would be a real eye-opener! Finally, tell us an interesting fact about yourself… Bryony: A claim to fame of mine is that I used to voice a jingle which introduced Peter Levy’s BBC Radio Leeds show in the late Nineties! Paul: I spent 3 to 4 years living in the French Alps as I was a huge snowboard fanatic, spending most days snowboarding before or after work, which was a fantastic lifestyle. In the summer I worked in the south of France, in Cannes, and was into kitesurfing and mountain biking… I prefer a much calmer lifestyle now, I think I wore myself out doing all that!

Can you give us a brief history of your career to date? Bryony: I have been at Tenet and in the financial industry itself for just over two and a half years. I started out as a Data Entry Consultant on the Customer Services team back in 2016 and made my way onto the Lime team as a Mortgage & Protection Support Assistant in 2018, supporting Tenet’s in-house mortgage brokers as well as external adviser’s research queries. I now work on the Technical Services and Research team where I still provide mortgage research support to Tenet’s advisers, alongside my colleague Paul Hewitt. Previous to working at Tenet, I ran my own successful blog and YouTube channel for eight years. Paul: I’ve worked in the finance industry over 15 years. Starting at MBNA Bank, then six years at a secured loan brokerage – underwriting, advising, packaging, then team management. I then worked in France for a few years. Then I was contracting for five years on Deloitte/Momenta/Capita banking projects in quality assurance and compliance - case checking, writing training material and training staff. Then I was a mortgage adviser and then to Tenet! Why did you choose to work at Tenet? Bryony: After becoming disillusioned with the blogging and vlogging industry, I decided on a complete change of direction and applied for a job at Tenet upon the recommendation of a relative of mine who also works here. I quickly discovered that Tenet was a wonderful place to work and that the Financial Industry was a lot more interesting than I had first imagined. I have since set my sights on attaining the CII Financial Planning Diploma and I got R01 under my belt earlier this year, and my R02 exam is due in a couple of months’ time. Paul: I’d heard good things about Tenet from advisers I knew in the industry and that Tenet were very successful. The employee benefits were more generous than other companies in the finance industry and looked like a good firm to work for long term. How did you get into Technical Services & Research? Bryony: After Lime was restructured in August of last year, I secured a role within the Technical Services & Research team as a trainee consultant where I still work on the mortgage research helpdesk that now sits within this team. Paul: I’ve spent most of my career within the compliance field, and always ended up in roles with a lot of technical detail so the job seemed perfect for my background.

How to get in touch: For help with any kind of mortgage research query and questions on criteria, you can contact Bryony and Paul on 0113 239 5111

or alternatively you can send your query to


New Mortgage and Protection structured development programme for CAS status Our exciting new programme for people who have achieved CeMAP (or equivalent) and are looking to achieve Competent Adviser Status (CAS) is now open for applications. We are looking for adviser firms who are interested in taking on a trainee mortgage and protection adviser, or is there someone you know within your firm who is CeMAP qualified (or equivalent) and would be interested in a fully supported programme to get them to Competent Adviser Status? There are limited spaces available, so please make sure you get your application in as soon as possible. We are running the programme on a first come, first served basis. WHAT CAN THE TRAINEES EXPECT? Trainees will have the opportunity to work alongside a dedicated Tenet Business Mentor as part of this programme. The Tenet Mentor will ensure the trainee has an opportunity to enhance their personal and professional development, increase their confidence and obtain CAS. We will help set their goals and work with our mentor to develop a plan to achieve CAS within 6 months. The rate of progress rests with the trainee’s own ambition and business levels/opportunities. As part of our new structured development programme, the trainee will get the support and development they need to build their experience and ultimately achieve CAS for mortgages and protection. For the duration of the programme and once CAS is achieved, the trainee will be positioned within the firm they will be looking to work with in the long term. ‘

PRE-COURSE WORKBOOK INCLUDES: • MCD initial assessment • Suitable advice standards, Tenet template orientation • Case study scenarios THE INDUCTION PROGRAMME INCLUDES: • A dedicated induction course in Leeds over 5 days as well as 2 days of assessment and revision • Agenda, objectives • Overview of the journey to competence (full & reduced supervision) • What KPIs are required to demonstrate competence • What happens if not demonstrating competence within timescales • Sales process • Introduction and Disclosure, Fact-Find, Research and Advice, Presentation, Close & Next Steps, Suitability Letters and Documentation • All above sessions to include standards, facilitation and practice using Tenet standard tools • Consideration as to the modulation of protection and general insurance • Client Meeting Assessment

• Client Advice and Suitability Letter Assessment • Assessment (business mentor to assess role-plays) • Assessment (AST to Grade File Assessment) • The duration of the course costs £1,500 + VAT • The course will start Monday 14th October 2019

We believe that Tenet Group is the best place for trainees to learn, develop and flourish in their new career in the financial industry.

A little about our Tenet Mentor, Cath Coates Like many people in the advisory world, I come from a banking background, having worked at Barclays and First Direct in Leeds before working at Yorkshire Building Society as a Mortgage Adviser. During my time here I moved my way up to Branch Manager while continuing to give mortgage advice. After a short time I was approached to utilise my expertise and become a Development Coach which I was delighted to accept. This involved developing freshly CeMAP qualified colleagues to obtain CAS and continuing to supervise them to ensure standards were adhered to. During my time at the Tenet Group I have been a Senior Assessor and am delighted to take up the mentor reins again. I am excited that Tenet has launched this programme, which offers a fantastic way to support firms to ‘grown their own advisers’.

WANT TO KNOW MORE? For more information or to express your interest in this programme, please contact Mark Penswick in the Central Recruitment Team on 08085 546 546 or email


In this Limelight issue we welcome to the stage the top five RI’s and AR’s in each category ranked via the figures from January to March this year. We would like to say a huge well done to each and every firm and adviser who made it in to the top five, raise a glass to yourselves and we hope to see some of you taking home that ‘Adviser of the Year 2019’ in December.

Registered Individuals

1 st 2 nd 3 rd 4 th 5 th 1 st 2 nd 3 rd 4 th 5 th 1 st 2 nd 3 rd 4 th 5 th 1 st 2 nd 3 rd 4 th 5 th 1 st 2 nd 3 rd 4 th 5 th 1 st 2 nd 3 rd 4 th 5 th

Richard Tingey Graham Thomson Alan Edward Johnston Christopher Peter Naismith Mark Daniel Watson Shaun James Bond Benjamin Clifford Arthur Jones Graham Wilson James Alexander McNicholl Alexander Adams

Options Mortgage Centre GT Mortgages Ltd City Gate Aberdeen Ltd C N Mortgages Watson & Company (Bristol) Ltd Pure Protect Bristol Oakhurst Private Ltd Options Mortgage Centre McNicholl Financial Services Intelligence Mortgage Solutions Ltd

Top Mortgage Adviser (by number of cases)

Top Protection Adviser (by gross receipts)

Jenna Bianca Howe James Hill Afzal (Ali) Syed Robert Adam Blake Sam Keefe Richard Hosley Adam Lawrence Corby Macdonald Graham Wilson Brian Thomas Wright

Protect Line Ltd Protect Line Ltd Protect Line Ltd Protect Line Ltd Protect Line Ltd

Top Protection Arranger (by gross receipts)

Horizons Financial & Legal Services Kingston Mortgage Services Ltd Vickers Young Ltd Options Mortgage Centre The Wright Mortgage Company Ltd

Top GI Adviser (by gross receipts)

Appointed Representative

Protect Line Ltd Enduralife Ltd Options Mortgage Centre KT Partnership Ltd Kingston Mortgage Services Ltd R.W. Property Finance Ltd GT Mortgages Ltd Pure Protect Bristol The Wright Mortgage Company Ltd C N Mortgages

Top Large AR (5 and above) by average gross receipts per adviser

Top Small AR (4 and below) by average gross receipts per adviser


TENET EVENTS The Complete Mortgage Event






Amba Hotel



Marriot Forrest of Arden

Target audience: Mortgage advisers - Timings: 10.00am-2.00pm

The Complete Mortgage Event will provide a hub to access the latest mortgage market information, generate new business ideas and expand on services to offer your clients. Including a trade fair and breakout sessions, these events will give you the opportunity to meet with lenders, discuss individual client cases and explore the latest in product offerings. Throughout the day our lender partners will showcase their USPs, new systems and products in an exhibition environment, allowing you to network and have one-to-one conversations. These events are open to all Tenet brands, advisers, paraplanners and support staff.

To book your place at the Complete Mortgage Expo just follow the link:

Adviser Forum 2019 We’re delighted to invite all advisers and support staff to our Adviser Forum, which will be held at the Queens Hotel, Leeds, on Thursday 5th December. At our Annual Adviser Forum we will take a closer look at what’s on the horizon and, with support from our provider, fund manager and lender partners, we’ll provide invaluable insight, sales tips and that all-important CPD. We will also have an evening to remember, where you can enjoy an evening of food, drink and entertainment. The event is open to all Tenet advisers, paraplanners and support staff and is completely free of charge to attend including the gala dinner. (The gala dinner is optional to attend).

To book your place on a Adviser Forum just follow the link:

NEW for 2019: Protection Workshops





20/06/2019 Cumbernauld

Westerwood Hotel

1st Andrews Drive, Nr Glasgow, G68 0EW

16/07/2019 London

Millennium Knightsbridge Hotel

17 Sloane Street, Knightsbridge, London, SW1X 9NU

17/07/2019 Leeds

Village Leeds South

Capitol Boulevard, Morley, Leeds, LS27 0TS

18/07/2019 Birmingham

Village Solihull

Dog Kennel Lane, Shirley, Solihull, B90 4JG

Target audience: All advisers - Timings: Approx. 9.30am – 3.00pm - CPD: 3 hours IDD CPD

During the course of the day you’ll hear from main stream and specialist providers covering a range of protection topics from term assurance to critical illness cover, income protection and general insurance. Our Provider partners will also look at other ways you can obtain further IDD CPD. We’ll finish the day with a Tenet session, looking at how the Tenet protection policy has been streamlined.

To book your place on a Protection Workshop just follow the link:


Never Repeat Yourself

Mark Cracknell Head of Protection Sales

Here at Aviva, we’ve made improvements across the protection quote journey to provide the flexibility and ease you’ve asked for.

Across our full range of personal protection products, we’ve enhanced the quote process so it’s more user friendly, helping you to write business the way you want to; quickly and easily. Gone are the days of rekeying the same information more than once. With our improved journey, writing protection is easier - regardless of the types of cover you deal with. Whether it’s on a portal or directly in our quote and apply system, having to rekey a quote because of a small error is frustrating and time-consuming. Now, if a clients’ personal details are incorrect within ALPS (for example, their date of birth or smoker status), you can edit them easily at several points during the quote process. Build and amend your quote Just like an online retail shop, we’ve made it easy to pick and choose which products and options you want to quote and to remove what isn’t needed anymore. Providing you with a wider range of edit options means you can tailor quotes to individual client circumstances, quickly. And if their circumstances change before you apply, you can easily amend this. So, if you want to compare level and decreasing cover, switch lives, compare guaranteed and reviewable premiums, or add critical illness cover to a life quote for example, it’s a simple task. And by streamlining the ‘product summary’ stage of the quote process, we’ve reduced the number of screens from three to just one. New design features and buttons help you quickly navigate and progress through the journey, saving you time with every case. SO, WHAT’S NEW? Edit clients’ personal details

New copy and paste functionality For those instances where you want to compare the same product but with slight variations, a new ‘copy product’ button means you can duplicate any product in your quote and change the desired criteria, rather than having to start a new quote from scratch. Easily access your quote illustration We all know that sinking feeling when you’ve worked on something and forgotten to save. We know from your feedback this was an issue when

accessing the quote illustration as, once you started the apply process, you were unable to access this without calling us. Now, the quote illustration is available in business tracking, helping you meet your compliance requirements and saving you valuable time.

“Gone are the days of rekeying the same information more than once. with our improved journey, writing protection is easier”


How Rate Switch works for you and your clients

Andy Sykes Head of National Accounts

Borrowers need to understand all of their switching options, including product transfers, to make an informed decision

If a rate switch is the right option for your client, it can be a quicker and smoother process than a remortgage, allowing them to move to a competitive deal without the fees and form filling. The appeal to the borrower is obvious, but what about the broker position? Change for the better Working with their broker partners, lenders have made this sector more intermediary-friendly, with retention proc fees now paid by many providers, including TSB. We recognise that you still need to carry out an up-to-date factfind and search the market for your client, whether they end up applying to their existing lender or a new one. It’s right that you are paid for your time and expertise on product transfer business. Who suits product transfers? Product transfers are a straightforward way to get a new deal, so they suit the many clients who want to avoid SVR but would rather not spend time and money going through a full remortgage process. They particularly suit borrowers who have undergone a change in circumstances since they took out their last deal – especially if those changes limit their remortgage options. They may have experienced a reduction in income, for example, or perhaps their home’s value has fallen and they’re left with little equity. Product transfers can also help those who last took out a mortgage before the Mortgage Market Review or MCD, and now find themselves on the wrong side of lending rules. For example, a self-employed borrower coming off a five-year fixed rate might have self-certified their income, say in early 2014 before the April ban, and now find the numbers simply don’t stack up on their accounts.

For whatever reason, if remortgage eligibility is restricted, a product transfer gives borrowers an alternative option, without having to jump through tighter affordability hoops or endure a potentially protracted process. And with TSB, they can also avoid paying legal fees, or early repayment charges if they are within the last three months of their mortgage deal. The Rate Switch process If your client wants to proceed with a Rate Switch, TSB makes the process quick and easy. We’ve streamlined the online process and it’s backed up by broker support from our mortgage experts. Rate Switch is available on our two, five and 10-year fixed residential mortgage products as well as two and five-year buy-to-let deals. Simply log on to our system and complete the product transfer application quickly online. You can track the case in real time through TSB Mortgage Pro and will be paid a proc fee on completion. If you need extra support your BDM and office-based BDMs are on hand to help you through the process and answer any questions. Don’t miss out The only way your client can make an informed mortgage decision is if you give them all their options, including fee-free product transfers as well as remortgages.

visit or call us on 0345 307 3355, option 3, to speak to one of our experts


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