LIMELIGHT 53 (Summer 2018)

LIMELIGHT A Tenet Group Publication for Appointed Representatives of TenetLime GDPR, it’s here! ...rounding up the key requirements

Issue 53 n

Summer 2018

Our Serious Illness Cover just got more serious.

I’m only serious about sleep.

ALSO IN THIS EDITION Market Watch - tips on tackling fraud... Events - don’t miss your Complete Mortgage Event...

PLUS: Limelight gets ‘Up Close and Personal’ with our Head of Group Mortgage & Protection

5 reasons to recommend our award winning Serious Illness Cover

1

MORE CONDITIONS COVERED THAN ANY OTHER INSURER We now cover 178 conditions on our Comprehensive Serious Illness Cover and 145 on Primary Serious Illness Cover 1 . WE COVER ALL HEART ATTACKS, ALL STROKES AND MORE CANCERS THAN ANY OTHER INSURER 1 Make sure your clients are covered for the top three reasons to claim. COVER THAT PAYS OUT EARLIER We pay out on diagnosis for certain conditions without permanent symptoms. OUR COVER CAN PAY OUT UP TO 3 TIMES THE ORIGINAL SUM ASSURED We continue to cover after a claim. If your clients claim for less than sum assured, we’ll continue to cover them for the remaining amount. ACCESS TO A RANGE OF DISCOUNTS AND REWARDS FROM OUR HEALTHY LIVING PROGRAMME Get something back without having to claim, members could save up to £2,961 a year with Vitality partners around the UK 2 .

2 3 4 5

1 - Defaqto, as of April 2018 2 - VitalityLife Savings Calculator, 2018. Based on the saving made on a Life plan with Optimiser or Plus and platinum status, when engaging with all health partners and intelligent incentives. Correct at February 2018.

LIMELIGHT A Tenet Group Publication for Appointed Representatives of TenetLime GDPR, it’s here! ...rounding up the key requirements

Issue 53 n

Summer 2018

ALSO IN THIS EDITION Market Watch - tips on tackling fraud... Events - don’t miss your Complete Mortgage Event...

PLUS: Limelight gets ‘Up Close and Personal’ with our Head of Group Mortgage & Protection

Editor’s Foreword Zoë Aveyard Marketing Coordinator

Contents

TenetLime Support 4-5 Industry Update Simon Broadley gives us an Industry Overview 6-7 GDPR It’s here... and here to stay 8-9 Market Watch

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Hello and welcome to Limelight: Our Summer Issue is here (hopefully followed by some sunshine), and we have a number of key articles for you to read this quarter. Firstly, Simon Broadley gives us an integral industry overview as he settles in to his role as Managing Director of TenetLime, updating us on ‘Positive Tension’ and questioning how we, as ARs and Principal, are challenging each other to grow business. Simon also shines some light on Tenet’s ‘IT Roadmap’, where Tenet acknowledges that the IT/ technology needs of a mortgage broker are different to that of an Investment Adviser and discusses other key areas of activity such as the FCA’s focus on GI and their Mortgages Market Study. Read more on pages 4-5 . GDPR – it’s here and here to stay, so let’s look at it positively and get to grips with what this means. Joe Darley, our Project Support & Conduct Assurance Officer, writes with a refreshing outlook on how GDPR shouldn’t be treated as a burden. Joe confirms that people are more conscious of their privacy now more than ever, and that GDPR can be seen as ‘an opportunity to show your integrity and prove that you are one of the organisations that treat personal data with respect and take its protection seriously.’ A vital read now that GDPR is in full swing, see more on pages 6-7 . Market Watch – Samantha Gray and Gavin Watson talk about the current focus on the increase in fraudulent mortgage applications and how it’s now easier than ever to fake documents with new technologies. With the help of partner lenders, Tenet is always fixed on combatting fraud, you will find in this article an outline of potential red flags that will help you spot it before it’s too late, including extra checks you can do if you have any concerns such as the use of Companies House and Google. Get up to speed on the simple things you can do to protect yourself and your business on page 8 . Want your social media posts to get more views and likes this summer? Look no further - in our last Limelight magazine we introduced our new policy on social media posts and were delighted to provide our members with an array of suitable posts and imagery for Facebook, LinkedIn and Twitter. Our Marketing Toolkit also has a whole ensemble of leaflets, brochures, posters and more that are used increasingly by our firms and advisers to help boost their business and outline to the public and clients what they do in a more visual and professional way. For examples and more information on what our Marketing team have to offer, turn to page 9 . Don’t miss out! We are hosting our very own 2018 Complete Mortgage Event this month so if you haven’t signed yourself up to attend – please do! These events will provide a hub to access the latest mortgage market information, generate new business ideas and expand on services to offer your clients. That’s it from me and all of us at Tenet, we hope you enjoy this issue of Limelight. Sit back, relax and happy reading!

The ‘F’ Word... Sam and Gavin talk tips against fraud Events Don’t miss out...our Complete Mortgage Events have landed

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8

Provider Support 15 Just

Equity Release Focus

27

NatWest The importance of correct Packaging

31

Zurich Hit or myth?

33

West Brom Making it easier for you to do business

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Editor: Zoë Aveyard

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

With over five months in my new role now under my belt, I’m starting to get a better picture of the roadmap ahead. If you attended our recent round of non- investment roadshows, you’ll have heard me talking about ‘positive tension’. Whilst we are in a really strong position, I have challenged the team and our provider partners on how we can offer you further support. When I met with our product providers earlier this year, I talked about creating some “positive tension” in Tenet’s relationship with them. In simple terms are we, at Tenet, as demanding as we could be of our providers – do we have the best deals and is there wider support they can give us? In the same vein, I would like our relationship as principal and you as an AR to have the same positive tension - how are we challenging each other to grow your business and do we have joint plans in place to focus our combined attention? We are starting to have conversations with providers about what a more active relationship might look like and you will hear more on this as we go through the year. IT Roadmap I’m aware that a clearly defined IT solution for the non-investment side of the business is a key issue for some of our membership and I also very much recognise that the IT/technology needs of a mortgage broker are different to that of an investment adviser. We’ve had a number of full day workshops with Focus, who support Tenet Advantage, as well as getting views from members about what they are looking for in an IT solution and what they see in the marketplace and would like us to replicate. We are currently reviewing all the viable options and I have already met with a number of key players within the IT solution market to understand their views and the direction they are taking. There is definitely an opportunity to use data more effectively in the mortgage buying process to make the customer journey quicker and simpler, so we will be factoring these thoughts into our IT strategy going forwards. Rest assured we will continue to involve you as things progress to ensure that the path we take is the right one. To now take a look at the wider market, let’s have a quick walk through some of the key areas of activity.

Industry OVERVIEW

Simon Broadley Managing Director, TenetLime Ltd

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General Data Protection Regulation (GDPR)

Mortgage Market Study Interim Report (MMS) The FCA recently published its long awaited Mortgage Market Study interim report and on a positive note, found that competition in the mortgage market is working well for many people. Tenet will continue to engage with the FCA however and respond to its anticipated consultation paper at the end of the year. We’ll also use our influence to help try and shape the proposed rules through our discussions and participation with the Association of Mortgage Intermediaries at a senior level, so that the FCA’s proposals here are both workable and reasonable for advisers. FCA Focus on GI The FCA has been running general insurance focused sessions in their Live and Local programme which suggests they want to ‘kick the tyres’ of this market. The latest sessions are workshops on how firms in the GI space can identify and prevent harm, with key concerns including customers with unsuitable cover/invalid cover, customers not being provided with appropriate information and being unaware of high excesses, customers not being treated fairly when they complain; and the old favourite vulnerable customers.

FCA’s 2017/18 business plan This ties in with the FCA stating its intention to focus on incentives and distribution in the GI and Protection sector in its 2017/18 business plan. Unsurprisingly, the impact of Brexit was at the top of the regulator’s priority list but it will also focus on six key areas, which the FCA sees as being deep seated and ongoing: 1. Firms’ culture and governance, which should drive behaviours and produce good customer outcomes. 2. Financial crime and anti-money laundering, to make the UK financial services sector a hostile place for criminals. 3. Promoting competition and innovation in the market 4. Technological change and resilience, since technology plays a pivotal role in delivering financial products and services 5. Treatment of existing customers to ensure that they don’t get less attention or receive poorer outcomes than new customers. 6. Long-term savings, pensions and intergenerational differences, which reflects the changing UK population and their financial needs. We are currently digesting the content and potential impacts and we’ll communicate any significant points we believe you need to be aware of in due course.

GDPR is now live and I appreciate that it has not been a journey without its frustrations and that some of our support was too high level and not directive enough. The key thing is that we take your feedback on board and learn from it. We have since hosted a GDPR webinar internally, which covered off the key topics and answered your most frequently asked questions and which is still available to view on demand within the GDPR area of the extranet. If you go to page 6 of this issue, you’ll find a useful reminder of what GDPR is actually trying to achieve and some over-arching principles to keep in mind. You should also refer to our GDPR checklist to ensure you’ve completed all the required actions post-implementation and of course, our compliance helpdesk are always on hand to answer any ongoing queries. Retirement interest-only mortgages will be making a comeback and mortgage advisers without an equity release licence will be able to recommend these products, in response to what is now being widely reported as an ‘interest-only mortgage timebomb’. Final rules put into force by the regulator in March gave the green light to providers to develop these products. This was in response to identifying a regulatory barrier to a form of mortgage lending that could meet the needs of some older borrowers, essentially pensioners who have existing interest-only mortgages and no means of repaying the capital. We’ll continue to monitor the evolution of this market in terms of products launched and any practical issues that arise with advising on and arranging them and will update you as matters progress. You will need to update your suitability report and fact find templates accordingly, which we’ll cover in a future regulatory and compliance update. ‘Retirement Interest-Only Mortgages’

So, as ever, a lot going on both externally and internally. Rest assured however that we’ll keep you updated with everything that you need to know from a regulatory point of view and we’re also working on more ways to obtain your feedback going forwards. I want us understand at a deeper level how we can take our support for you to the next level and to continue to do SO. it’s vital that we speak regularly so that we truly understand what you value about Tenet, what we could improve on and what is giving you cause for concern. This year we will be introducing a range of things to build this deeper relationship including focus groups, best practice dinners, themed webinars, discussion boards and I.T showcases, so I’m really excited to hear your views.

TENETLIME SUPPORT - 5

Joe Darley Project Support & Conduct Assurance Officer

GDPR it’s here! On the 25th of May 2018, the new General Data Protection Regulation (GDPR) came into effect and built on the outdated Data Protection Act (1998) to give rights back to consumers and ensure that their personal data is treated fairly and respectfully. By now, you should have considered the GDPR and its potential effects on yourself or your business. The Data Protection Act (DPA) was written in a time that could never predict the massive volumes of personal data that gets processed today, nor the worldwide scale on which it happens. The GDPR aims to rein in the freedoms organisations had to retain, process, and benefit from massive volumes of personal data and give rights and protection back to the individual. The GDPR has brought about a number of changes, but the changes shouldn’t be treated as a burden. Instead they can be seen as an opportunity to show your customers that you treat their data with respect, and that they can trust you with it. Naturally, some industries have more to worry about than others. Organisations that process massive volumes of personal data have more responsibility ahead of them, whereas those that deal with less personal data may have a slightly easier time. For financial advisers and firms, the responsibilities and actions required lie somewhere in the middle. Some of the key topics of GDPR have naturally caused some concern in many industries, with some having a longer journey ahead than others. However, the GDPR is only an extension of the old Data Protection Act, and so GDPR needn’t be seen as the big scary monster that many have come to view it as. Whilst there are many aspects of GDPR, we have identified the main topics that have brought about the most concern.

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Individuals Rights & Data Requests The rights to request access, portability,

Privacy Notices One of the bigger tasks for many adviser firms was the fact privacy notices need to be issued to

erasure, rectification, restriction and objection to personal data are an extension to the existing Data Subject Access Request (DSAR) which has been around since the DPA 1998. However, as you can no longer charge the default £10, there may well be an influx of such requests. This should be viewed from the individual’s perspective – they have just as much right over the personal data that they have provided to organisations as the organisations do to process it and ultimately benefit from it. Not every request has to be complied with – many exemptions exist for each type of request. Possibly the main exception for financial advisers is the fact that client files are exempt from erasure for the duration of your retention period. At Tenet, we have prescribed 80 years for client files on the basis

every client they hold a client file on – past, present and future. “How can I be expected to send a privacy notice to hundreds or thousands of clients from years gone by?” many of you understandably asked. The reality is, if the client’s email addresses or home addresses are readily to hand, then it was never too huge a task and many advisers were also relieved to hear an exemption of ‘disproportionate effort’ exists. If the task would have brought a firm or sole trader to its knees, involving digging through tons of paper files, or excessive amounts of time and resource, the ‘disproportionate effort’ exemption was the saving grace. But only if it was legitimate and truly justified. What was the point of this exercise anyway? GDPR mandated

organisations to inform their data subjects of a number of things and for our advisers, one of the key pieces of information was the fact they will be keeping their data for 80 years.

that there is no limit as to when a claim can be made against an adviser, so we must be able to defend ourselves.

Data Protection Officers (DPO)

Marketing Possibly the hottest topic under GDPR. Finally, someone is doing

Most organisations need to consider whether or not they need to appoint a DPO. The types of

something about the amount of junk emails we all get, wondering where on earth they got our data from? Again, it’s something to take seriously but not to panic about. Yes, having express consent is the gold standard for marketing, but it’s not the only way to lawfully contact clients or marketing leads. Contacting clients is the easier of the two – you’re still well within your right to send marketing materials about similar

organisations that need one are those that revolve around or process large volumes of personal data as their core activity. Financial advisers may process what seems like quite a lot of personal data, but the reality is they don’t process data as a core activity. That’s not to say you can avoid all DPO responsibilities – there are still a number of things that must be done for a good level of compliance, and allocating these responsibilities to an individual is good standard practice. That individual should be responsible for the firms overall personal data management, including data incident monitoring and reporting, ensuring compliance with data requests, keeping records, and liaising with the ICO when necessary to help towards GDPR compliance. Don’t just decide you don’t need a DPO without thinking about it – being able to prove that you have considered and documented your particular situation is key. Here at Tenet, we concluded that we do not require a DPO and so we have created the role of ‘Privacy Officer’ to fulfil these duties. This will be fulfilled alongside a current employee’s role and we expect most of our network firms will reach a similar conclusion.

products that they have purchased or shown interest in previously (as long as they haven’t told you not to do so in the meantime of course!).

To conclude, the GDPR shouldn’t be treated as a burden. People are more conscious of their privacy and personal data than ever before, and this can be seen as an opportunity to show your integrity and prove that you are one of the organisations that treat personal data with respect and take its protection seriously. It’s here to stay, and getting your compliance up to scratch sooner rather than later will give you the competitive edge. If you put yourself in the position of your clients – the GDPR is a good thing! Make sure you visit our GDPR area on the member extranet to access all our support and the ICO’s website is also a great source of information – we recommend that you also follow the ICO on social media for its latest news.

Third Party Data Processors For data controller to data processor

relationships, (for example, your relationship with any IT providers, outsourced paraplanners, marketing agencies, admin support functions etc. that you use) not much has changed. The main difference is that now the data processor will be on the hook just as much as the controller would be in the event of a data breach. As data controllers, financial advisers still need to ensure due diligence and proper legal protection is in place with any data processors

that they use. Not all responsibility has been shifted, but it has been slightly rebalanced. Previously, only the controller would really be in trouble – so this is positive news for controllers, not so much for processors!

TENETLIME SUPPORT - 7

MARKET WATCH with TENETLIME’s Research & Technical Specialists

Samantha Gray

Gavin Watson

Limelight Q2 2018 Here at Tenet we meet regularly with our lender partners to discuss business levels, new products and innovations and the current market. More recently the focus of these conversations has moved towards the increase in fraudulent mortgage applications that are being seen and in particular income related fraud. As technology improves unfortunately so do the fraudsters. It’s easier than ever before to fake documents. There are a number of websites whereby you can produce payslips, P60’s or even amend and edit bank statements. In these situations it can be very difficult for the adviser to spot the difference between a real or a fake payslip and the application can be submitted with the adviser being none the wiser and could end up being picked up by the lenders fraud team. The biggest type of fraud in this area is around “staged income”. This is where applicants with low or no income may create income streams for the purpose of obtaining a mortgage. The income is manufactured to look like regular payments throughout the mortgage application process but it then ceases after completion. At Tenet we are working on improving our own knowledge in this area and providing extra support and controls with the help of some of the lenders we are partnering with.

Here a few potential red flags that may help you spot this sort of fraud

>  Only employed for a short time prior to the mortgage application – typically 6 months or less. >  Salary credits paid by “Faster Payment” as opposed to BACS. >  Change in job type that appears out of line with previous roles. >  A very recent second job whereby the income is needed to support the mortgage amount. >  Bank statements that show a sudden or significant increase in income prior to the application. >  Employer is small, difficult to trace or a family member. Of course there will be genuine customers who fall into these categories but there are a few quick extra checks you can do yourself if you have concerns. >  Google the company! Does it actually exist and does the street view reflect what you would expect to see. >  Run a Companies House check – has the business been trading as long as the client has been working there? >  Are there any benefit payments on the bank statements that you would not expect to see at a certain level of earnings? Or similarly student loan credits for an employed person. >  Go back to basics! Does the YTD figure on March’s payslip match the P60? Are the salary credits coming in on working days (not Sundays or Bank Holidays)? Are there the relevant deductions you would expect to see on a wage slip for a high earner?

There is no exact science to this and I’m sure most of the time your customer will be genuine. However as an experienced adviser if something

doesn’t feel right it is worth making these extra checks to protect yourself and your business. And don’t forget any suspicions need to be reported to Tenet BY WAY OF a Auspicious Activities Report found here: https://www.tenetgroup.co.uk/extranet/10818.html or we are also here to talk any concerns through. Our financial crime manual has been updated with further information – follow this link https://www.tenetgroup.co.uk/extranet/231.html

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The likes of Summer Want your posts to get more views and likes this summer? Look no further - in our last Limelight magazine we introduced our new policy on social media posts and were delighted to provide our members with an array of suitable posts and imagery for Facebook, LinkedIn and Twitter. It’s been wonderful to see these items in use and we’ve had some great feedback so far!

All the available social media content is available via the Marketing Toolkit section of the extranet. Simply click on ‘Grow Your Business’ in the top menu bar and then on ‘Marketing Toolkit’ and you will see a dedicated Social Media page. To use the social media content, simply copy and paste the approved wording onto your Facebook, LinkedIn or Twitter page, along with the relevant advert image (you will need to save the advert image to your computer first, and then upload it the social media post). Everything on the Extranet has been approved by Compliance, ready for use! The Marketing Toolkit Extranet page also hosts a variety of items not just for social media, but for print, such as leaflets, posters & brochures. We keep these compliant but also as diverse as possible covering topics such as Mortgages, Life Cover, Protection and Equity Release (to name a few). If you provide a high resolution version of your logo along with contact details, we can add these onto the items applicable and even adapt the templates to suit your company colours and branding. Most of our service is free of charge (you just cover the cost of printing and materials cost of placing an advert as relevant), and we would highly recommend browsing the choices we have designed for you. With social media and technology taking businesses by storm and driving a strong imaged on-screen presence, remaining visually professional is important, therefore we aim to support all members with their marketing needs and welcome any feedback on the items available.

We hope to see more firms Tweeting and so on over the summer, and urge anyone who has any questions regarding the Marketing Toolkit to get in touch just email marketing@tenetgroup.co.uk

or telephone 0113 239 00 11

TENETLIME SUPPORT - 9

UP CLOSE & Personal

Basking in the limelight this issue is Amanda Hunt, Head of Group Mortgage and Protection.

Firstly Amanda – please tell us about your time here at Tenet… I have been at Tenet for 15 years in September, which is a lifetime but testament to the fact that Tenet is a changing and evolving business so never a boring moment. My focus has always been on the non-investment side of the business, in fact when I joined Tenet there was no real Mortgage Focus within the network and my job was to develop the non-investment proposition which was to become LIME. I continue to do this as well as looking after the relationship management team, advisory team and the Mortgage and Protection provider relationships. Some of you may know me as Amanda Waddington - however I recently got married and I’m now Amanda Hunt.

Can you give us a brief history of your career to date? I have always been in financial services more through accident than choice but it has proved to be a rewarding career. I started at Prudential Holborn moved to Scottish Amicable more on the life and pension side of the business, moving to Scottish Life Mortgages which was subsequently taken over by Royal London. I have undertaken various roles within that time in both the Operations side of things as well as Sales, my last role at Royal London was to develop and launch their National Mortgage Advisory Service across the group.

What do you enjoy most about your role at Tenet? Diversity is the key thing, being responsible for the relationship management side of things with both members and providers brings its challenges but also its rewards, we have some fantastic advisers in TenetLime who are passionate about their business, real characters. Helping them run and grow their businesses and making sure they have the right proposition to support them is the area that I enjoy most. The people in Tenet and the family feel have been a big factor in my loyalty over the years.

What are your hobbies and interests outside the office? Nothing out of the normal really, I am sure many who know me would say partying!!! Whilst I do enjoy letting my hair down every now and again my real passion is much closer to home , I love cooking and am a very keen gardener. I have become very self-sufficient recently enjoying growing my own vegetables and now embarking on wine making which is proving really interesting and rewarding. I am no expert yet but practise makes perfect and of course the key is in the sampling - I also enjoy sailing and would love one day to own my own boat, obviously somewhere uber glam.

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What kind of music gets your toes tapping? Anything with a good beat, I have a very eclectic taste and the mood really dictates what I listen to, Gypsy Kings on a hot sunny BBQ day, John Barry for relaxing. I love a bit of classical, Elgar is a beautiful composer. I enjoy the old iconic classic bands like ELO, Fleetwood , U2 and Kings of Leon. Some of the newer stuff but I never know the names until they are far from being cool! I do have an aversion to Country and Western, sorry Dolly.

What book are you currently reading? I am not reading any book at the moment; I am too busy with projects around the house and in the garden so looking forward to my next holiday to rectify that. The last book I read was Traction which now governs our new vision and values and how we operate, I have to say I was a little sceptical at first but it really does give you focus and makes absolute sense. When I do read I like classics anything by Jane Austin and biographies of interesting people. Of course I am always dipping into gardening books, of which I have hundreds.

What’s your favourite film of all time? I would like to say something very thought provoking or deep and meaningful but I see films very much as an escapism and like feel good films. I have a love of history so like historical based films, Jane Ayre is a childhood favourite, I loved the Bourne Series and probably have to mention Gladiator, can’t beat a good old romp with a man in a skirt set to a wonderful musical score by Hans Zimmerman.

If you could trade places with anyone for the day who would it be and why? Easy, Simon Broadley…...on salary review day!!! Honestly, no one, I would however love to time travel and go back to witness some of the most significant moments in history which are far too many to mention.

What’s the biggest lesson you’ve learnt in life? Not one lesson in particular, but experiences have taught me to grasp the moment because in a fleeting second things can change. Be honest and be kind, treat everyone how you want to be treated and never judge a book by its cover.

And finally, tell us an interesting fact about yourself… I am ambidextrous and can write upside down and backwards (my handwriting, not me). I like jumping out of planes and my claim to fame is getting stuck in a revolving door with Van Morrison (for you young ones that’s a famous singer!).

TENETLIME SUPPORT - 11

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 2018’ award when the time comes...

Registered Individuals

The Wright Mortgage Company Ltd Watson & Company (Bristol) Ltd The Wright Mortgage Company Ltd

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

James Matthew Akers (3380) Mark Daniel Watson (3363) Steven Richard Pritchett (3379) Richard Tingey (3390) Alan Edward Johnston (830A) James Matthew Akers James Alexander McNicholl Christopher Hulme Graham Wilson Christopher Peter Naismith Cameron Strangeway Nathanael Elliot Tramontini Daniel Burgess Kathryn Eleanor Beel Chris Watts David Strubel Brian Thomas Wright Johan Kruger Christopher Peter Naismith James Matthew Akers

Top Mortgage Adviser (by Number of Cases)

Options Mortgage Centre City Gate Aberdeen Ltd

The Wright Mortgage Company Ltd McNicholl Financial Services Ltd

Top Protection Adviser (by Gross Receipts)

Options Mortgage Centre Options Mortgage Centre C N Mortgages

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

Top Protection Arranger (by Gross Receipts)

David Bell The Wright Mortgage Company Ltd Kind Financial Services Ltd C N Mortgages The Wright Mortgage Company Ltd

Top GI adviser (by Gross Receipts)

Appointed Representative

Options Mortgage Centre KT Partnership Ltd Wooton & Bean Financial Solutions Ltd Modern Mortgage Solutions Ltd John Graham Crabtree Ltd The Wright Mortgage Company Ltd Hampden Financial Services Ltd C N Mortgages McNicholl Financial Services Ltd PS Morris Financial

Top Large AR (5 and more) by Average Gross Receipts per Adviser

Top Small AR (4 and below) by Average Gross Receipts per Adviser

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TENET 2018 Complete Mortgage Event

Target audience: Mortgage advisersTimings: 10.00am-4.00pm

Date

Location

Venue

Wednesday 13 June Tuesday 19 June Thursday 21 June

Leeds

Royal Armouries

London

Pullman London St Pancras

Birmingham The Belfry Hotel

The Complete Mortgage Events 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.

Tenet Adviser Forum 2018 After a day packed full of engaging presentations and Key Note speakers, there followed a magnificent evening of Gatsby themed entertainment including a gala dinner and the opportunity for Advisers to strut their stuff in some impeccable 1920’s attire. We were thrilled to have received some fantastic feedback about the event and we already have a date for your 2018 diary – whether you missed last year or simply can’t wait to come again – see details of the next Tenet Adviser Forum.

SAVE THE DATE! Date: 6 th December 2018 Location: Queen’s Hotel, Leeds Book here: events.tenetgroup.co.uk/adviserforum2018 or call the Events team on 0113 239 0011

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Rockstar Awards We would like to say a huge well done to our Rockstars nominated so far this year in March and April. Why Rockstars? Tenet is going through some exciting business changes and has set a series of ‘Rocks’ for the company to aim to achieve. These are objectives and goals that can’t be moved – so it seemed fitting to name our internal award for those staying true to our new values and going above and beyond in their day-to-day roles – ‘Rockstars’.

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Equity Release Focus: Putting the right amount of money into the right hands at the right time

Equity release requires careful consideration and your clients need to be treated with care and sensitivity. The market is supported by a high level of protection for your clients who are older or considered to be more vulnerable. Advise or refer them – don’t ignore them There are several steps to consider for integrating equity release: 1. Determine your business model - 2. Analyse your current and potential client bank. 3. Find out where support is available to you. With the equity release market expanding, there are plenty of reference points for advisers to turn to for guidance such as Just and other product providers, the Council of Mortgage Lenders and the ERC, that offer events, exhibitions and a number of videos. whether that’s being qualified to advise on equity release in-house or through referring to a specialist.

It’s time to talk to your clients about it. Providing the reassurance and certainty that some retirees may desire through enabling them to stay in their own home in later years; used wisely, equity release provides money to make a client’s retirement potentially that bit easier. The tide is turning around the perception of equity release. The market has grown rapidly in recent years, reflecting a more positive reputation among clients, advisers and providers about its viability. Internal analysis from Just predicts the lifetime mortgage market is expected to grow to around £6.6bn by 2021. Built on the legacy of the Safe Home Income Plans, the Equity Release Council (ERC) was established in 2012 to provide consumer protection specifically for this market. Members must adhere to its high standards of conduct and practice in relation to equity release. So now is the time for advisers to get involved in the opportunities that equity release offers. Which of your clients could benefit? Good financial planning is about putting the right amount of money into the right hands at the right time. The capital within a home could be a valuable asset and clients in or approaching retirement should consider it to fund their lifestyle, now or in the future. This is why we believe advisers should include equity release alongside other assets as part of a retirement income planning process. There are many scenarios where it could be beneficial to consider this:

Debt repayment - Clients with maturing interest-only mortgages and unable to repay the full amount. - Clients with high credit card debt or payday loans. - Be mindful when advising this as it could cost your client more in the long term and lifetime mortgages are loans secured against their property. Day-to-day living expenses - Clients on a fixed income and struggling to cover one-off unexpected purchases. - Clients struggling to cover household bills. Maintaining lifestyle - Clients unable to replace their car. - Clients struggling to fund a regular holiday. Improving lifestyle - Clients looking to pay for private medical care. - Clients wanting a one-off holiday of a lifetime. - Clients wishing to modify their home. Family financial planning – advancing inheritances and skipping a generation - Clients with grandchildren who can’t afford a property deposit. - Clients helping with their grandchildren’s education costs. - Clients wanting to give an early inheritance to the family. - Clients reluctant to move into long- term care so the money can be used to adapt their home and/or provide daily healthcare support.

For more information call: 0345 302 2287 Lines are open Monday to Friday, 8.30am to 5.30pm. Or visit our website for further information: justadviser.com

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Serious Illness Cover Claims Story

Claim multiple times on the same plan Sally suffered with kidney problems five years after her plan commenced. After undergoing kidney dialysis for three weeks she found out she had early stage Acute Renal Dialysis. Sally made a claim through Vitality and received £37,500 - 25% of her Serious Illness Cover amount. This payment provided her with an appropriate level of financial support to deal with her treatment. Sally was then on her way to recovery. Stay protected even after making a claim Nine months after Sally’s first treatment, a routine check-up with the consultant indicated that she needed to be admitted to hospital immediately. Sally was diagnosed with end stage renal failure (severe chronic renal impairment) and required dialysis once again. Sally then received an additional 50% payout on top of her first claim from her Serious Illness Cover. She was then discharged two weeks later. Continued cover so you can claim again Fortunately, Sally had our award winning Serious Illness Cover. Because our payments are based on the severity of the condition, Sally was able to claim multiple times. Other Critical Illness plan may not have covered Sally during the early stages as her condition was not ‘severe’ enough. Sally has the peace of mind that she still has cover remaining to make further claims if complications arise or if she is diagnosed with a different illness.

16 - PROVIDER SUPPORT

Significant medical advances have been made in treatment of serious illnesses So much so that survival rates are higher than ever before. Cancer survival in the UK has doubled in the last 40 years 1 . This is of course good news, however, there is a flip side to these medical breakthroughs. As people are surviving more illnesses and living longer, the chance of suffering a second illness is increasing. For example, 49% of those with a chronic condition have more than one 2 . Many critical illness polices will only pay out once, and then your policy ends. And unfortunately, once you have claimed it would be difficult to obtain replacement cover. This would not be a problem if the payout you received was enough to help you deal with the consequences of future illnesses, however, this is not the case for the majority of the UK population. That’s why it’s important to consider Vitalitylife’s Protected Cover By opting for Protected Cover, you can protect you and your dependants against the financial consequences of serious illnesses should you need to claim more than once. It fully reinstates your cover to its original amount after you’ve made a claim. How does the Protected Life Cover option work? If you have Life Cover as well as Serious Illness Cover, making a Serious Illness Cover claim will normally leave you with a lower amount of life cover. So we give you the option to protect your Life Cover. If you choose our Protected Life Cover option, your Life Cover stays the same regardless of any Serious Illness Cover claims you make. Here’s an example of how it works: > You take out a plan with £100,000 level Life and Serious Illness Cover, including Protected Life Cover. > If you suffer a serious illness and receive a 25% payout you will have £75,000 of cover remaining should you need to make another serious illness claim. > However the amount you can claim for Life Cover is still £100,000. So your total claims for Life and Serious Illness Cover could be as much as £200,000. Times Are Changing, So Should Your Cover 1. http://www.cancerresearchuk.org/healthprofessional/cancer-statistics/survival 2. Multimorbidity prevalence and patterns across socioeconomic determinants: a cross-sectional survey, BMC Public Health 2012 3. NHS Heart attack – Causes, January 2015 4. cancerresearchuk.org/health-professional/cancer-statistics VitalityLife is a trading name of Vitality Corporate Services Limited. Registered number 05933141. Registered in England and Wales. Registered office at 3 More London Riverside, London, SE1 2AQ. Vitality Corporate Services Limited is authorised and regulated by the Financial Conduct Authority.

Fast Facts About Our Protected Life And Serious Illness Cover

>  Ability to claim an unlimited number of times under your Serious Illness Cover, up to three times the original amount (maximum £3 million). You will still be able to receive a further payout for Life Cover. >  Your cover continues and will be topped up following a claim with: >  No increase in premium >  No additional underwriting >  No additional exclusions >  Protected Cover can be added to your policy at any time before you make a claim

Find Out More To find out more about our Serious Illness Cover or Protected Cover options, or any of our other products, please speak to your Financial Adviser, or take a look at Vitality.co.uk/Life

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Critical Illness Cover we’ve enhanced our intermediary protection offering

We’re in the business of paying claims and in 2017 we paid £636 million across Life, Critical Illness, Terminal Illness and Income protection. £209 million in critical illness claims.

> Legal & General GP24** - Giving access to a GP 24 hours a day from anywhere in the world! - Available round-the-clock, 365-days-a-year via telephone, Skype or an app. The new option will be available via intermediaries only and comes as part of a continuing improvement to our Critical Illness offering. Details of Legal & General’s full Critical Illness options, including the 95 conditions for CIx can be viewed on our Adviser Centre. New CIC Webinar Find out more with our new Legal & General Critical Illness webinar ‘CIx Built for Intermediaries’ Learn more and register. To help you provide further support for your clients, visit our CIC Resource Centre, a one-stop-shop for CIC information. You’ll be able to access a suite of supporting documents, as well as literature, videos, and other resources relating to Critical Illness Cover.

Legal & General launch ‘Critical Illness Extra’, a new option that provides an increased level of cover to support 95 carefully selected conditions. We recognise that not all customers have the same need for critical illness cover. That’s why we have created an additional critical Illness option to further enhance our product offering. There are now two choices on our Critical Illness Cover; > Critical Illness Cover (CIC) - A total of 41 conditions covered, inc 36 full-payment conditions and two additional payment conditions. - Children’s Critical Illness Cover at no extra cost. - A suite of six Nurse Support Services* come as standard. > Critical Illness Extra (CIx) - Our Critical Illness Extra really does go a lot further with 95 conditions, which includes 53 full payment conditions and 37 additional payments. - All features of our Critical Illness Cover, such as Children’s Critical Illness Cover and Nurse Support Services.*

Critical Illness. Covered *Legal & General Nurse Support Services is a service provided by RedArc Assured Limited. **Legal & General GP24 is a service provided by Healix Health Services and Medical Solutions UK Ltd.

For an additional cost we also offer;

> Children’s Critical Illness Extra (CCIx) - Enhanced features for parents who would like more cover for their children.

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Frequently asked questions about the equity release plan review service

Reviewing a current plan and shopping around for the best life time mortgage deal could save clients hundreds or thousands of pounds, as interest rates are the lowest we’ve seen. Working much like re-mortgaging on a home, the new plan would replace the one the client already has and could save them a substantial amount of money throughout its term. Adam Carnall, Head of Partnerships at Age Partnership answers some FAQs about the Plan Review Referral Service. Why do people change their existing plan? Lots of reasons! Equity release interest- rates are at an all-time low and fixed for life. We help many customers who took out plans many years ago who weren’t aware of the savings they could make, which could be thousands in saved interest costs. Furthermore, the added flexibility some products now have mean they have more options than their current plan provided them. If there are early repayment charges with my client’s current lender are these factored into the release? Yes, when reviewing any existing lifetime mortgage or equity release plan we factor in any charges for early repayment and other associated costs. Only if we are 100% satisfied that it is in the best interests of the client, would we recommend a change of lender. With it being a plan review, how would that affect my referral fee? You will be paid a referral fee as if it was a new referral, as every review requires advice and a new plan if we proceed. How long after releasing equity can customers review their plan? Plan reviews usually take place 12-24 months after a customer has taken out their original plan. It is usually dependent upon existing plan penalties and current product interest-rates and features.

Do you review for further borrowing as well as long-term savings? Yes we do. Any additional borrowing requirements would be assessed by an Age Partnership advisor and only recommended if in the best interests of the customer. Scenario Mr and Mrs Baldwin have an existing lifetime mortgage, but want a lower interest rate. Mr and Mrs Baldwin, both aged 68, took out a lifetime mortgage in 2007 when they were both 60. They initially released £57,000 from the value of their property, and their current plan has an interest rate of 6.70%. They would like to reduce the roll-up of interest so that there will be more equity in the property to leave as an inheritance. Equity release lenders have reduced their interest rates in recent years, and Mr and Mrs Baldwin could now be eligible for a plan with an interest rate of 5.59%. By re-broking their existing lifetime mortgage to the new plan, this could save them £24,500 over the next 15 years of the plan. As an Introducer through Tenet, you would receive 1.75% of the amount released and your client would receive £100 off of the advice fee. Of course, this isn’t a one size fits all solution by any means. Customers may already have the best plan available to them, or the transfer fees may be substantial which would outweigh any positives of moving - but it’s definitely worth a look.

Adam Carnall Head of Partnerships

For more information on our referral service contact us by: Calling 0808 1452 269 Emailing tenet@agepartnership.co.uk Visiting https://www.agepartnership.co.uk/introducers/

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What’s changed to make Income Protection quick and easy to recommend?

Time is money and income protection is too much hassle… endless questions, GP reports and providers generally take too long to turn things round, are some of the commonly held misconceptions. But, what if most clients were given an immediate decision? And providers took the hard work out of the more complex cases? Think it doesn’t happen? Then read on…

Myth #1

Myth #2

Myth #3

Quote and apply technology is out of touch Many providers, including LV=, have invested in technology and now use ‘reflexive’ questions, asking only what’s needed for each client and fully capturing disclosures straightaway. This has resulted in higher straight through rates (offering cover during the online application process). At LV=, almost 70% of income protection clients are offered straight through rates and LV= Fastway end-to-end application (https://www.lv.com/adviser/ fastway) process takes minutes.

It’s a ‘wait and see’ game if my client has a condition that will affect their premium Online pre-sales underwriting tools give instant decisions if a client tells you about a previous or existing medical condition. These tools can be accessed 24/7 – helping you understand underwriting decisions outside of office hours. Using them can also give you confidence the final premium and terms match the initial quote. LV= Pre-Underwriting Tool (https:// www.lv.com/adviser/fastway/pre- uw-tool) uses the same underwriting rules engine as LV= Fastway application system, helping you to understand the final decision for hundreds of conditions and including multiple disclosures.

Medical reports really slow things down

At LV=, less than 5% of new income protection applications need a GP report. Where possible, we use a tele-interview, which is a quick and convenient alternative to a GP report. What’s more, responsibility for collecting medical information is removed from the adviser. Many providers use medically trained specialists (like nurses) ensuring all relevant information is collected quickly and sensitively. At LV=, tele-interviews (https://www. lv.com/adviser/underwriting/tele- interviewing-booking) can be booked at the same time we receive the initial application, reducing unnecessary delays for you and your client.

Don’t leave cover to chance The preferred route for most income protection providers is completing the medical underwriting upfront, ensuring both you and your client know exactly what they’re buying. Although non-underwritten policies are available, would you want to make a recommendation and gamble on your client’s claim being paid in the future? Especially now underwritten policies are increasingly quicker to put on risk.

Income protection doesn’t need to take up valuable time. Find out more about LV= Fastway, LV= Pre-Underwriting Tool and how we can get your clients covered quickly.

Graham Taylor LV= National Account Manager

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