Limelight Issue 52

LIMELIGHT A Tenet Group Publication for Appointed Representatives of TenetLime

Issue 52 n

Spring 2018

Nice to Tweet You! New social media policy and service...

ALSO IN THIS EDITION… The latest lender panel news GDPR - What do you need to know? Events - New Non-investment Roadshows dates

PLUS: Up Close and Personal with new Director Simon Broadley


Editor’s Foreword


TenetLime Support 4-5 Industry Update

Zoë Aveyard Marketing Coordinator

by our New Managing Director of TenetLime

6-7 Up Close and Personal Who is Simon Broadley? 8-9 Nice to Tweet you! Social Media update 12 Dates for your diary! Non-investment Roadshows this year 14-15 GDPR What Do I Need To Know? 17 Market Watch Getting together with Together Money


Hello and welcome to Limelight: In this first 2018 edition of Limelight we will be highlighting a number of key topics as well as introducing the new Managing Director of TenetLime, Simon Broadley. Simon has provided an industry overview covering Tenet’s Business Quality Award win, changes to the Insurance Distribution Directive implementation date and the FCA’s Mortgage Market Study. Simon also touches upon other Tenet developments this year. Pages 4-5 . You will also have the chance to learn more about Simon in our ‘Up Close and Personal’ feature on Pages 6-7 . In this issue’s Market Watch, Sam and Gavin update us on a summary of enhanced lenders including but not limited to HSBC – who are launching their residential range coming into fruition this year. We have worked hard to improve our relationship with Norton Broker Services by offering members direct access to both the first and second charge products from Norton Home Loans. We have also updated our bridging page to include some very useful contacts and USPs of the lenders we work most closely with, in addition to confirming new ‘niche’ BTL lenders coming on board. You can review more details on Pages 8-9 . Keep up to scratch on the latest mortgage, GI and protection tips! Sign up to one of our roadshows this year – we are expanding to new destinations, so you have a great selection of venues to choose from. Starting in Durham on the 17th April, our roadshows are free and open to all advisers, support staff, and directors/principals so don’t miss your chance – book now and get these dates in your diary…. Page 12 . Looking back to the successful 2017 Adviser Forum - from the engaging morning presentations, breakout sessions with crucial networking opportunities amongst the buzzing trade fair to the main event – we witnessed presentations from ITV host Robert Peston, a divine conqueror of Everest, Bonita Norris and did our own climbing back through the decades to the 1920s, with a magnificent evening of Gatsby themed entertainment. We received some fantastic feedback about the event and we already have a date for your 2018 diary – more details on page 13 . Nice to Tweet You! We have reviewed and updated our Social Media Policy and would like to introduce you to the new section of our Marketing Toolkit available – FREE – for all members. The social media subdivision on the extranet aims to cover all your tweeting, LinkedIn and Facebooking needs – our Marketing Team have worked closely with Compliance to provide an extensive range of imagery and content which will benefit your online presence and help engage clients and advertise your business. Page 16 . We hope you enjoy reading this edition of Limelight.


Provider Support: 23 Royal London

Protecting against the Unthinkable Fleet - 2018 The year of the Professional Landlord Source The Perfect Partnership





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 to our Spring issue of Limelight. As the new Managing Director for TenetLime, I’m enjoying getting to know more about the business and I’m delighted that I’ve joined Tenet at a time of real evolution, as we continue to build on the significant service improvements delivered in 2017. To read more about the things I’ll be focusing on initially, please see the ‘Up Close and Personal’ profile on page 6 and I’m also looking forward to getting out on the road at our forthcoming events and meeting as many of you as possible in person. To start off, I’m pleased to announce that Tenet was presented with Legal & General’s Business Quality Award for Customer Excellence (Networks) in February for the second consecutive year. This is awarded based on protection business quality, compared against all other networks in the channel, so is an excellent result and is an accolade that speaks volumes about the quality of our advisers. So, thank you for continuing to work in partnership with us to achieve such high standards. I’m also really pleased that Lee Barnes accepted my offer to be the TenetLime Head of Recruitment. Lee has been instrumental in helping to build the network over the last few years and his passion to represent the needs of our members is striking. I know he will be a real success in the role and I’m delighted to have him as part of my leadership team. Looking to the wider industry, what are the key regulatory milestones in the months ahead? They will come as no surprise, as they are regulatory activities that we have been talking about for some time but let’s have a walk through them to see where we are up to. Insurance Distribution Directive (IDD) At the time of writing, the European Commission has proposed to delay the Insurance Distribution Directive (IDD) to 1 October 2018. This is currently under consideration by the European Parliament and European Council.



Consequently the UK Government has stated that they will delay the legislation bringing the IDD into force pending a decision at EU level, which is likely to be after 23rd February. This does not change the new, ongoing cost disclosure requirements however (just the effective date) or any other changes we have previously communicated in terms of the impact of the IDD. If you have already adjusted your process, the focus of your CPD activities and updated your initial disclosure documentation regarding your insurance services, it is not necessary to unwind this as you have simply prepared for the change in advance. If you are yet to make the relevant changes, you can either wait for the implementation date to be confirmed or continue to make the adjustments in advance. We will confirm the date once known. We do not propose to unwind the policy changes we have already made, but will not expect compliance with these until the revised Forthcoming General Data Protection Regulation is a huge subject, which we’ve aimed to break down into bitesize chunks over the past months. While some of the basic principles of the existing regime will be retained, the GDPR will introduce several new concepts and new data subject rights, including the “right to be forgotten”, data portability and accountability. Some of these new concepts could have a significant impact on firms, and may require a change to both the handling and use of personal data. Please see our article on page 14 for an overview of what you need to know and do. It is your responsibility to ensure compliance under GDPR however and you should already be giving thought to how GDPR will affect your particular business model. It will be important to ensure all staff receive appropriate training and we suggest that you retain records of this We recommend the Information Commissioner’s own website for more information and practical guidance and we’ll be producing a useful checklist over the next month, which summarises all the actions and links to the relevant Tenet communications. On the subject of data protection, it’s important to be aware that the preferred method for implementation date is confirmed. General Data Protection Regulation (GDPR)

sending documents to Tenet’s Advice Support Team is for them to be uploaded onto Tenet Advantage and notification sent to the relevant email address that the file is ready for assessment - this will ensure you meet your data protection responsibilities and the clients’ data is secure. Alternatively you can send by a file share facility and notify the relevant email address. Senior Managers & Certification Regime (SM&CR) The FCA published its first consultation paper in July, proposing to extend this regime to all the firms it regulates, having already done so for the banks in 2016. The FCA’s second consultation paper however confirmed that appointed representative firms are out of scope for the time being, so will simply remain subject to the Approved Persons Regime and even directly authorised firms are likely to not have to comply with SM&CR until mid-to-late 2019 now, as insurers appear to be next on the FCA’s list. FCA’s Mortgages Market Study This market study is focusing on areas where competition can potentially be improved for the benefit of consumers. The regulator wants to understand whether consumers are empowered to choose on an informed basis between products and services and are in a position to understand whether these represent good value for money. The interim report was scheduled for summer last year but the FCA has now said that the market study is still ongoing and has decided to defer publication until Spring 2018. A case of watch this space, therefore, and rest assured, we’ll be keeping a close eye as it will certainly mean changes for the industry – how extensive these will be remains to be seen.

Change on social media policy Finally, to end on some good news, in February, we were pleased to announce that having listened to your feedback, we updated our social media policy and marketing support to enable you to post financial promotions, recognising this as an increasingly important way of engaging on a regular basis with clients. Members who have ‘opted in’ to our social media policy now have access to a wide range of compliance approved promotional posts and adverts across different product themes and to coincide with the timing of key events and the start or end of a month. This content has been designed for Facebook, Twitter and LinkedIn and is ready for you to pick up and use - which you’ve done with enthusiasm and we’ve already had some great comments. We know this is something that many of you have wanted to be able to do for some time and I’m keen that we identify any needs that we are not meeting within our support, as there is always room for improvement within any proposition. See full details on pages 8-9.

That just leaves me to say, I hope to meet many of you in person over the coming months at our forthcoming Tenet events, or feel free to contact me directly if you have any thoughts about how our proposition could evolve – I want what TenetLime provides to be the most attractive offering in the market, so if there’s needs we are not meeting, then please let me know.



Up close and personal with SIMON Broadley

Under the spotlight in this issue is our new Managing Director of TenetLime, Simon Broadley. He is additionally taking up the freshly created role of Adviser Propositions Director across the wider Tenet Group. Having joined Tenet in early January, we speak to Simon in his first few months about his plans going forward and also ask a few personal questions, so you can get to know him a bit better. Can you give us a brief history of your career to date? I’ve been in the financial services industry for over 20 years now, most recently as Head of Insurance and Investments at Yorkshire Building Society Group. I also did a stint as the group’s Head of Product Development, focused heavily on the

mortgage side, and I’ve additionally been seconded into roles to lead sizeable remediation programmes, so I’ve first-hand experience of what things look like when they go wrong – and how to avoid them happening in the first place! What are you looking forward to in your new job at Tenet? I’ve joined the group at a real time of stability and opportunity and having the luxury of deciding how and where you want a business to grow is both refreshing and liberating. Tenet has a very positive reputation in the market, which provides us with a firm foundation to build on. There is always room for improvement however, and I want to start off by fundamentally reviewing our member propositions, asking how we can enhance them and what needs are we not meeting? We also are planning to create a new TenetLime Network Focus Group, as a conduit for feedback from those of you at the sharp end, and as a channel for Tenet’s plans and ideas to be communicated back to the wider adviser community.

I also want to establish more robust insight and feedback in terms of how we compare to our competitors, to identify if there are things that we’re not doing, or not doing as well as our peers. I certainly don’t want or feel we need to change the essence of our business, so it’s evolution that I’m talking about, not revolution. What are your hobbies and interests outside the office? With two young sons (aged 5 and 1), my free time for hobbies isn’t what it used to be! However, between the Lego building, swimming lessons and endless children’s parties, I’m a keen sports fan and have been a Bradford City season ticket holder for 25 years. My real passion however is cooking and wine, where I have to admit to being a bit of a wine geek, to the point of making notes about what I drink. I am very partial to an Italian red, thanks for asking! What kind of music gets your toes tapping? I’ve got quite an eclectic taste in music, ranging fromMotown and Ska to 90s Britpop.



What book are you currently reading? Hugh Johnson’s pocket wine book is always to hand, plus I’m reading ‘Traction’ by Gino Wickman. I’ll be hoping to apply some of his business principles going forwards, to help align our priorities right across the group in 2018 and ensure that we are all pulling in the same direction. What’s your favourite film of all time? That’s a tough one. I would have said previously something like Scarface or Casino – but more recently the TV is dominated by my two sons, Jack and Oliver, so Despicable Me has to be up there! If you could trade places with anyone for the day, who would it be and why? Donald Trump’s executive assistant, as I’d like to see first-hand whether the reports and rumours are all true!

What’s the biggest lesson you’ve learnt in life? To be here now and appreciate the moment. And finally, tell us an interesting fact about yourself… I once competed in the Latvian Open Golf Championships! Before you get the picture that I’m some kind of pro, I’m definitely not, but a friend’s brother was a pro at a course in Riga and somehow got me in. It was quite intimidating once I arrived and realised that the championships was the real deal – needless to say, I didn’t do too well against the competition, but think I played as well as I ever have done.



NICE TO TWEET YOU! New social media policy and service

On 1st February 2017 we updated our social media policy to enable appointed representative firms to post financial promotions on social media. What’s more, Tenet’s Marketing team announced details of a new social media service we’ve developed which provides access to a wide range of social media posts and adverts which are approved by Compliance so you can use them quickly and easily. So, here’s a reminder of what’s now available

What was the update to the social media policy?

yourself. However, to make it quick and easy for you to post promotional content on social media, the Marketing team have created a new service which is now available to you. What’s more, it is free as a benefit of being a member. New social media service Our new social media service, which forms part of the overall Marketing Toolkit, provides you with access to a range of social media posts across different product themes, as well as posts which are designed to coincide with the timing of key events, such as the Bank of England base rate announcement, and the start or end of a month. The content has been designed for Facebook, Twitter and LinkedIn, and is designed to work alongside advert images which have been produced as jpeg images. In many cases it is necessary to include the relevant advert image to make the post compliant (as it carries

Before 1st February, appointed representative firms could post social media content subject to getting their social media pages approved by the Compliance Helpdesk and following the ‘opt in’ process, but posts which constituted as a financial promotion were not permitted. We understand this was a frustration for some firms that wanted to use social media to actively promote their business, so we listened to feedback and responded by updating the policy to now allow financial promotions on social media. If you’re using, or intending to use, social media, please familiarise yourself with the updated Social Media Policy and process which is in the Compliance Support section of the Extranet. As with all financial promotions, they must be approved by the Compliance Helpdesk first – this includes social media posts you are creating

to help you promote your business on social media.



any necessary risk warnings) but there are also some posts which can be posted with or without an advert. These posts are all designed to be added on your own social media page as a free way of promoting your business, alongside other posts of a non-promotional nature. If you’re intending on paying facebook for advertising, then they are not keen on having wording on images, so please get in touch with the Marketing team to discuss an alternative approach. How do you access the social media support? 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)

And finally… We hope you find the new social media service useful. If you have any feedback, particularly if you have success using the posts we have provided, then we’d love to hear from you. To provide feedback, please email or call Jonathan Hydes, Head of Marketing & Communications: email or call 0113 239 0011.

LOTS MORE MARKETING SUPPORT AVAILABLE There is a range of support available via the Tenet Marketing Team. This includes brochures, leaflets, websites and more. For more details and to see all the support available, visit the Tenet Extranet or call 0113 239 0011




Thursday 1 st February: AWARD WINNERS Our top achievers from TenetConnect and TenetLime were invited to join us on the prestigious yacht hotel – The Sunborn in London. They enjoyed an evening of food, drinks and magical entertainment. We recognised the achievements through an awards ceremony. Details of all the winners can be found below. Watch this space for an announcement about next year’s event and how you could be there…

Large Firm of the Year 2017 (4 or more advisers) – NORTH

Small Firm of the Year 2017 (1-3 advisers) – NORTH


Create Financial Management LLP

WINNER: Short listed: Short listed:

City Gate Aberdeen Ltd

WFI Financial LLP

Crandles & Co LLP

Shortlisted: Shortlisted:

G Sturgess Financial Planning Ltd

Scotia Independent Financial Services

Large Firm of the Year 2017 (4 or more advisers) – SOUTH

Small Firm of the Year 2017 (1-3 advisers) – SOUTH

WINNER: Short listed: Short listed:

Sovereign Asset Management Ltd Lothbury Wealth Management Limited Direct Financial Planning (UK) Ltd


Finance PlanningWealthManagement Ltd

Bluechip Financial Ltd Gerry Dupree &Co

Shortlisted: Short listed:



Adviser of the Year 2017

WINNER: MarkWatson,Watson & Company (Bristol) Ltd Short listed: Andrew Lock, Larkbridge Mortgages Short listed: Steve Pritchett, The Wright Mortgage Company Short listed: Chris Naismith, CNMortgages

Large Firm of the Year 2017 (4 or more advisers) – NORTH

WINNER: Short listed: Short listed: Short listed:

Options Mortgage Centre Approved Mortgage Solutions Ltd Fidenti Mortgages & Protection Ltd

Top Protection Arranger 2017

WINNER: Daniel Burgess, Protect Line Ltd Short listed: James Hill, Protect Line Ltd Short listed: Jeremy Green, Protect Line Ltd Short listed: Chris Watts, Protect Line Ltd

Square Financial Ltd

Large Firm of the Year 2017 (4 or more advisers) – SOUTH

WINNER: Short listed: Short listed: Short listed:

Protect Line Ltd

Intelligence Mortgage Solutions Ltd

Enduralife Ltd

Adviser of the Year 2017 NORTH WINNER: Alan Johnston, City Gate Aberdeen Ltd  Short listed: Gavin Sturgess, G Sturgess Financial Planning Ltd Short listed: Karen Scott, Create Financial Management LLP Short listed: Roger Lee, Create Financial Management LLP

Larkbridge Mortgages Ltd

Adviser of the Year 2017 SOUTH WINNER: Phil Cross, Direct Financial Planning (UK) Ltd

Small Firm of the Year 2017 (1-3 advisers) – NORTH

WINNER: Short listed: Short listed:

All Financial Advice Limited McNicholl Financial Services Limited

 Short listed:

Robert Shirley, Sovereign Asset Management Ltd Nathan Harris, Lothbury Wealth Management Ltd

Moneywise Mortgages Ltd

 Short listed:

Small Firm of the Year 2017 (1-3 advisers) - SOUTH

WINNER: Short listed: Short listed: Short listed:

TheWright Mortgage Company Ltd

Watson & Company (Bristol) Ltd Purely Financial Planning Ltd Swindon Property Group Ltd



TENET EVENTS Non-Investment Roadshows ROUND ONE It’s nearly time for the first of many Non-Investment Roadshows of 2018; packed full of Mortgage, Protection and GI events including presentations from Lenders, interactive round tables and many more must know tips to help you provide the best for your clients. Starting in Durham on the 17 th April – this year we will be hosting in Leeds, Manchester, Cumbernauld, Belfast, Birmingham, Bristol and Southampton (with new venues for London, Leeds and Durham). Our Roadshows are free and open to all advisers, staff, paraplanners and directors/principals so book yourself a space now:

ROUND TWO We’d recommend advisers attend both Roadshows this year as the content will be different at each one. We look forward to seeing you there and please be aware, more information about the events will be available throughout the year so keep a look out.




16/10/2018 Durham

Ramside Hall

17/10/2018 Leeds

Village Leeds South

18/10/2018 Manchester (Mersyside)

Haydock Park Racecourse




30/10/2018 Belfast

Stormont Hotel The Westerwood

17/04/2018 Durham

Ramside Hall

01/11/2018 Cumbernauld

18/04/2018 Leeds

Village Leeds South

06/11/2018 Exeter

Sandy Park Conference Centre Millennium Hotel London Knightsbridge

19/04/2018 Manchester (Mersyside) 24/04/2018 Cumbernauld

Haydock Park Racecourse

07/11/2018 London

The Westerwood

26/04/2018 Belfast Stormont Hotel 01/05/2018 Birmingham Village Solihull 02/05/2018 Bristol

13/11/2018 Glamorgan The Vale Hotel 14/11/2018 Birmingham Village Solihull

Doubletree Bristol North Hilton at the Ageas Bowl Millennium Hotel London Knightsbridge

Again for booking yourself onto Roadshow Round Two just follow the link: Roadshow Two:

03/05/2018 Southampton

10/05/2018 London

Not sure how to book? Just follow the link: Roadshow One:




Our 2017 Adviser Forum, held on 7th December at the iconic Queens Hotel in Leeds, was deemed a big success. With over 200 people in attendance, the main event in Tenet’s calendar brought together advisers, some of our provider and lender partners, and Tenet staff who all enjoyed a day of insight and networking. As this is our first edition of Limelight this year, we wanted to take a step back to December and provide a reminder of what happened on the day, share some pictures with you, and let you know the date and location for this year’s Adviser Forum so you can save the date in your diary. So what happened at the 2017 Adviser Forum? Throughout the day we had a number of engaging presentations, commencing with breakout sessions in the morning, and then, after lunch which provided networking opportunities in the ever-popular trade fair, we moved onto

the main forum event. Our key note speakers included our CEO, Martin Greenwood who provided a Tenet business update, Robert Peston, the Political Editor of ITV News and host of the weekly political discussion show, ‘Peston on Sunday’, and Bonita Norris the youngest British woman to conquer Everest. We also had presentations from our main stage providers – Royal London, M&G Investments, Just, Vitality, Aegon, Bank of Ireland and Shawbrook Bank. After a successful day, those that were able to stay into the evening enjoyed a gala dinner and Gatsby themed entertainment all of which was provided as a benefit of being a member of Tenet. It was great to see so many people in Gatsby themed attire as it really made a difference to the ambience of the event. All in all, we received some fantastic feedback about the event and we’d like to take the opportunity to thank everyone that attended.

So, what about the 2018 Adviser Forum? Whether you were able to enjoy the 2017 event and are keen to find out when the next one is, or you weren’t able to make to it and want to find out what you’re missing out on, we are sure you will want to get a date in your diary for the 2018 Adviser Forum. So, here you go…

In partnership with our main stage partners:




The GDPR will take effect in the UK on 25 th May 2018 , replacing the current Data Protection Act.

What is the current position? How you collect, store, use and hold the personal data of your clients and employees is currently governed under the Data Protection Act 1998 (DPA). Just as Tenet is required, you also are required to be registered data controllers and hold an ICO data protection licence. You are responsible for personal data and are required to comply with the eight data protection principles under the DPA. Tenet will process members’ personal information for the purposes of providing services under the contract it enters into with the members, and as part of our legal obligation to monitor members’ compliance with the requirements of the Financial Conduct Authority, we will process clients’ personal information. In terms of your responsibilities as data controllers under GDPR, the key areas are summarised below: Data Processing - Data controllers must have a legal ground for processing personal data. Legal grounds are: - Explicit consent - the data subject has given you explicit consent.

It’s important that you comply with the GDPR, especially with increased fines in the offing, so please don’t assume this doesn’t apply to you or your business – you as the firm are the data controller and need to ensure that you are compliant. What is the new regulation? Whilst the basic principles of the existing Data Protection Act regime will be retained, the GDPR will introduce new concepts and rights for the data subjects, some of which will have a significant impact on how you handle and use personal data. The biggest change is the increased fines for data breaches. Currently, the Information Commissioners Office (ICO) fines have been limited to £500k, but GDPR increases this to the higher of 4% of the annual turnover or €20,000,000. In the GDPR world, data controllers will need to be prepared for the ICO taking stricter enforcement action independently of the FCA to utilise the increased fines, creating an additional financial risk in conjunction with the existing legal and reputational risk.

- Performance of a contract – for example to provide financial services under the client agreement. - Meeting legal obligations- for example to meet regulatory requirements e.g from the FCA. - In the legitimate interests of the data controller – for example, to promote and manage the business, such as defending advice claims. Third Party Data Processors - You must have a written agreement between you as the data controller and the third party data processor to be able to process personal data e.g: if you share personal data with your third party IT supplier / third party paraplanner, you need a data processing agreement in place and we have provided a template document for you to use. Tenet will undertake this with the product providers on its panels and its partnered suppliers. Data Breaches - The GDPR makes it mandatory to report data breaches to the Information Commissioners Office (ICO) within 72 hours, unless the breach is unlikely to cause damage to the individual. You should review your internal data incident reporting procedures or introduce some simple steps so you can detect, report and investigate a data



incident and include these procedures in a policy, including staff training, a reporting process and a data incident log. Network firms will also need to notify Tenet’s Data Protection Officer. Data Protection Officers - Some organisations must have a Data Protection Officer (DPO); this is someone responsible for data protection compliance within your firm. We think our members will not fall into the category but you still need to appoint a ‘Privacy Officer’ who has sufficient skills to meet your obligations under GDPR. This can be an existing member of staff that already has some knowledge of data protection, or can gain the knowledge through training.  Privacy Policy and Notices - You, as data controllers are required to take ‘appropriate measures’ to provide information about how you process your clients’ personal data. The client agreement currently includes a basic privacy notice that tells your clients who you are, what you are doing with the data and who you share it with - that includes sharing it with Tenet and also captures your clients’ consent for marketing activities. You (as do Tenet) may also have a privacy policy on your website including more detailed information about how you handle client personal data, making this information easily available to clients. Going forwards, the privacy notice in the client agreement will be replaced with a standalone privacy notice that will signpost to your own and Tenet’s privacy policy, via a link

to the corresponding websites. You need to start thinking about revising your existing privacy policy or introducing a privacy policy to be GDPR compliant. Data Subjects Rights - Data subjects have the right: - To be informed about how their data is processed (through a privacy notice/ privacy policy). - To have their data rectified if inaccurate or incomplete. - To restrict the processing of their personal data. - To object to their personal data being processed. - A copy of their personal information (under a DSAR), provided free of charge and in an intelligible form. - To have their personal data transferred electronically ( referred to as ‘portability’) and - To have their personal data deleted (‘erasure’) unless there is a reason to retain it, such as to defend an advice claim. Accountability, Transparency and Data Minimisation - It is your responsibility to clearly demonstrate that your organisation complies with the principles of GDPR by Data Subject Requests - Data subjects can request:

implementing systems and processes, for example by implementing data protection policies, undertaking staff training, internal audits, IT security, appoint a privacy officer, document lawful grounds for processing and introduce principles of data minimisation (eg: ensure you collect the minimum amount of data for each specific purpose) and privacy controls in your business. Training - Staff awareness and training is critical to protecting personal data, so you must ensure all staff within your organisation have had data protection training. We are currently working on a GDPR checklist, which will provide a useful summary of the actions firms need to complete, but if you have any questions on any elements of this, please contact the compliance helpdesk in the first instance. We also recommend the Information Commissioners’ own website for more information and practical guidance. Finally, on the subject of data protection, it’s important to be aware that the preferred method for sending documents to Tenet’s Advice Support Team going forwards is for them to be uploaded onto Tenet Advantage and a notification sent to the relevant email address that the file is ready for assessment - this will ensure you meet your data protection responsibilities and the clients’ data is secure. Alternatively you can send by a file share facility and notify the relevant email address.



Striving for 10 Tenet’s Staff Awards Striving for 10 Quarterly Awards – 2017 Q4 Tenet continuously strives to achieve first class customer service and we are forever proud to highlight the positive feedback our Staff Members receive, from both external and internal sources. We continue to run our Striving for 10 Campaign and present our yearly Staff Awards at our Christmas conference to promote Customer Service Excellence all year round. In this issue we are proud to include the nominated customer service stars voted top in the last quarter of 2017 alongside our yearly award winners called up to collect their well-earned prizes!

Fresh Thinking Sam Harrison Complaints Resolution Administrator, Complaints “Sam is very inventive and quietly comes up with solutions and shortcuts to help the team. He thinks of things that nobody else would do... and they work!!”

Annual Awards

Taking Ownership Daniel Leach Payment Services Consultant, Payment Services

External Customer Service Ron Skinner Tenet Select Team Manager, Compliance Delivery “Ron is a massive help to me and my business. His knowledge is 2nd to none.”

“He has been undaunted by a task that has proven to be challenging and provided clients with an excellent service.”

Employee of the Year Daniel Leach Payment Services Consultant, Payment Services

Delighting Customers Rebecca Robson Team Leader, Central Services

“Always delivers service with a smile and nothing is ever too small or big an ask, and this makes day to day business so much easier and enjoyable.” Team Player Mark Sage “He did a fantastic job developing and launching a new Tenet website, which has resulted in a 75% increase in visits to the site. The website has given a professional and modern look to our business which helps stand us out from the crowd.” Online Marketing Executive, Marketing & Communications

“He has really committed to the improved service standard that we have achieved and we couldn’t have completed the transition without his contribution. He was offered an opportunity and has approached each aspect with positivity and enthusiasm.” Outstanding Contribution to Charities Joe Molloy Marketing Assistant, Sinfonia “Joe demonstrated formidable endurance by completing a challenge for the charity, Guide Dogs for the Blind, whereby they covered 75km on foot in 20 hours. With very little training they endured this challenge which took them through the hills of Yorkshire. Along with siblings a staggering £10,000 has been raised.”

Consistent Achiever Ashley Argyle

IT Support Technician, IT Team “You know that if you get through to him, no matter what time, he will sort out whatever rogue problem you have and always with a positive outlook and a sense of humour.”



2017 does seem to have been a year with increased interest in specialist lending, therefore Pepper Home Loans, Vida Home Loans, Masthaven and Secure Trust have been great additions for us. All have a different approach to underwriting and complex client circumstance that may not always be found on the high street. From the Buy to Let side of things we also have Foundation Home Loans, Landbay & State Bank of India UK. These are niche lenders who specialise in Limited Company and portfolio lending alongside standard Buy to Lets. We are also conscious at Tenet of the value smaller building societies can offer our members - they may not be the best for rate driven business but can have flexible criteria and often manual underwriting that can help with tricky cases. Ipswich Building Society have now addedTenet AR’s to their list of nationally approved intermediaries which means brokers around the country can now submit direct to them. December also saw the addition of The Hanley Economic Building Society. Finally another great option for our members is Together Money. Currently we have direct access to their residential and bridging products directly with Buy to Let and second charges coming soon but are available via a packager. Together Money are a fantastic addition with their common sense approach to lending and flexibility around property construction and complex income streams. All these lenders are included in the mortgage research tables and following feedback from the queries we receive we have added further questions to the tables to help with your research. We are also working on other new offerings for 2018 so watch this space! MARKET WATCH with TENETLIME’ s Research & Technical Specialists

LIMELIGHT Q1 2018 2017 saw the addition of 15 new or enhanced relationships with lenders complementing the already robust offering for Tenet members. We do announce these throughout the year but here is a comprehensive summary that may help you going forward. HSBC are probably the most significant addition to Tenet last year. They have launched with their residential range only with Buy to Let coming sometime this year. With market leading rates and a new system they have been warmly welcomed by our members. We have worked with Norton Broker Services for a number of years and are delighted to enhance our relationship with them in 2017 by offering members direct access to both their first and second charge products from Norton Home Loans. This has meant our own direct second charge panel can now allowTenet members to offer a comprehensive range of products from across the market. This is since adding Central Trust and UTB alongside Norton Home Loans. UTB also offer both regulated and unregulated bridging which again our members have direct access to. We have had more and more queries around bridging over the last few months so along with UTB we have secured direct access toWest One Loans also. Tenet do not have a defined panel for bridging however with no real sourcing system available we have updated our bridging page to include some useful contacts and USP’s of the lenders we work closest with. For more information see here:

So with all these fantastic options hopefully you shouldn’t have many mortgages you can’t find a home for! But as always if you need any help and support contact the Mortgage and Protection helpdesk on 0113 2395111 or email



Could a Second Charge Loan help your customer consolidate their debts? The Christmas tree has been well

charges a remortgage could incur, and those who can’t get a further advance from their existing lender. Precise Mortgages offers a range of Buy to Let and Residential second charge loans, which can be arranged quicker than a remortgage. We consider all applications, whatever your customer’s income type, including: • Employed – regular overtime, annual bonuses and second jobs included in the income calculation (50% guaranteed) for Residential Second Charge Loan applications • Self-employed – in many cases we will consider customers with 1 year’s accounts (with pension and car contributions included in the income calculation) • Fixed term contracts We’ll also consider customers with less than perfect credit histories, i.e. CCJs, defaults, DMPs.

As a member of Tenet, you can apply to us directly and receive a guaranteed 1.25% proc fee. We’ve also removed the £295 assessment fee for all cases submitted to us this way. To find out more, contact our dedicated National Sales Manager for Second Charge Loans, James Briggs on 07931 130021 or call our dedicated support team on 0800 116 4385. 1. Independent, ‘Majority of Brits unable to pay off Christmas debt before April, research finds’, Wednesday 10th January 2018 http://www. cards-loans-personal-finance-a8151001.html 2. Secured Loan Directory, Second charge mortgage market up 20% in October, Wednesday 13th December 2017 http://www. 20-october/

and truly taken down and the decorations long put away for another year. For many people however, the Christmas hangover will continue into the spring after research 1 revealed that the typical adult won’t pay be able to pay off their festive debts until April. With people looking for ways to pay off their credit card bills, did you know that a second charge loan could be an option for property-owning customers looking to consolidate their debt? Demand for second charge loans grew in 2017 2 with more people discovering they could be a way of releasing equity from an existing property. They can be used for any purpose, including debt consolidation, and are popular with borrowers who want to protect the competitive rate they’ve got on their first charge mortgage. They are also used by customers who want to avoid the early repayment



Serious Illness Cover You’re up to three times more likely to get a payout from our Serious Illness

Cover* than you are from a typical critical illness policy.

we pay out 100% on 42 conditions, including all heart attacks, all strokes and cancer. It can also pay out more than 100% for debilitating conditions and hence truly reflects severity coverage. Serious illness cover with Booster is the best solution and without comparison, the most comprehensive solution for your clients. Another feature completely unique to the VitalityLife proposition is our Protected Life and Serious Illness Cover option. This provides clients with the ability to claim under their Serious Illness plan an unlimited number of times, up to three times the original sum assured. Once the claim has been paid, the cover continues and will be automatically topped up with no premium increases or additional underwriting required. Serious Illness with Booster and Protected Cover ensures your clients has the best possible cover in the market today. For more information on our market leading Serious Illness Cover and the other unique options that we have visit www. 1 Hannover Re UK Life Branch February 2017 2 Verified by Defaqto, February 2017 * Vitality’s Serious Illness Cover is not on panel. Should you deem this suitable for your clients please follow the off panel process

Our Serious Illness Cover means we cover more conditions, meaning we may well pay out where critical illness providers won’t and we pay earlier as we have lower thresholds for claiming. However, there are occasions where a critical illness provider could pay out a higher amount whereas Serious Illness may be less. In these cases for Serious Illness, the cover would continue for further serious illnesses, whereas the critical illness cover would stop and the customer may have trouble getting further insurance. The facts • Your clients are up to three times more likely to get a payout with us 1 • 116%more likely to get a payout for cancer with us 1 • 34%more likely to get a payout for a heart attack with us 1 • 25%more likely to get payout for a stroke with us 1 Serious illness cover Booster - The best of both worlds By adding on serious illness cover Booster, your clients have the best of both worlds. With Booster,

We cover more conditions than any other insurer: “Of all the covers available, serious illness cover makes the most sense, it has the widest base and it has severity at its hearT” Dr. John Delfosse GP and Insurance Medicine Specialist Our award winning Serious Illness Cover continues to lead the way in protecting against the financial impact of a serious illness, while our severity based approach means clients get the right support at the right time. Unlike critical illness cover, our Serious Illness Cover pays your client on a severity based approach. This means that our cover provides a payout proportionate to the severity of a condition. A severity based payment model means that the payment made reflects the impact on the customer. Less severe conditions may pay out at a lower level to cover, for example, mortgage payments over shorter periods. However the policy still remains in force. This ensures customers have cover in place should their condition worsen or if they suffer from a further illness in the future. Customers who claim 100% on a traditional critical illness plan, will have their cover terminated at the point of claim. Serious Illness Cover vs Critical Illness Cover • VitalityLife’s SIC Comprehensive cover has 174 conditions, and is up to 3 times more likely to pay out than a traditional critical illness product. • VitalityLife’s SIC Primary Cover has 114 conditions, and is up to 2 times 1 more likely to pay out than a traditional critical illness product.

174 conditions

Around 48 conditions 2 covered by typical Critical illness cover policies

114 conditions covered with out Primary Serious Illness Cover

covered with our Comprehensive Serious Illness Cover



New estimates by Retirement Advantage reveal an increase of £10bn in the potential wealth available to over-55s in the UK via equity release. The figures, based on public data on UK property owned by over 55s and Nationwide house price figures, represent an increase of 2.6% over the past year. This compares to 1.0% growth in 2016. However, a slowdown in house prices in Q4 2017 means the total value of the equity release market has fallen by £55m (0.01%) compared with Q3 2017. Alice Watson, Head of Product and Marketing at Retirement Advantage, said: “The growth in house prices over the last year is further evidence of the enormous potential property value yields when it comes to planning for retirement. Concerns are growing that people are finding it difficult to save enough for the retirement they want, not helped by the sluggish wage growth we have seen over the last decade. There is an urgent need for property to become part of the retirement equation – and these figures demonstrate the impact it could have. “Despite the dip in house values at the end of 2017, the total potential value of UK equity release is up by nearly a fifth compared with its pre-crash peak in 2007. Equity release will not be suitable for everyone, but savers who think holistically and discuss property alongside other assets with their financial advisers are best placed to live the retirement they want.” Potential wealth available in Buy-to-Let properties increases Retirement Advantage’s research also estimates that the value available in UK Buy-to-Let properties increased in value in 2017. The total value rose to £46.8bn in Q4 2017 compared with £45.5bn the year before, an increase of 2.7%, and an increase of £100m (0.2%) compared with Q3’s figure of £46.7bn. Retirement Advantage last year launched a range of mortgage products for over-55 owners of Buy-to-Let properties. These products will allow landlords to release cash from their portfolio tax free, leaving their entire portfolio intact. The products are unaffected by recent new PRA regulations which have made remortgaging requirements for Buy-to- Let landlords more stringent, leading to fears of a lending squeeze for portfolio landlords. View our Property Value Tracker at: equity-release-property-value-tracker-11.pdf

Summary • Value of UK equity release up from £365bn in Q4 2016 to £375bn in Q4 2017 – a 2.6% increase • However, value of UK equity release fell by £55 million (0.01%) in Q4 2017 compared to Q3 2017 • Value that can be released from Buy to Let properties at £46.8bn, up 2.7% year-on-year and up 0.2% quarter-on-quarter Potential value of UK equity release up £10bn to £375bn in 2017

Alice Watson added: “For many, their property is the most valuable asset they own and typically worth far more than their savings. We saw a record £3bn taken out in UK equity release last year, but even this is a drop in the ocean compared to how much could potentially be drawn on by over 55 s . With such a vast store of wealth in our bricks and mortar, equity release could grow even further in the coming months and years.”

Alice Watson Head of Product and Marketing, Equity Release


Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32

Made with FlippingBook flipbook maker