8 PROTECTION TOMORROW
Steven Howard
Head of Mortgage and Lending Intermediaries Compliance Services SimplyBiz
What motivated the decision to amend and update the protection only fact find at this time ?
Although the existing fact find was in good shape and was fit for purpose , I was aware that it hadn ’ t been updated for a few years . Whilst it had served Members well , I was very aware that we ’ re working in a fast-paced environment and , as our market changed , the protection only fact find needed to be revitalised accordingly . Indeed , the regulator has also previously voiced its expectations that , as times change , fact finding should change with it .
It is variously estimated that the UK has a £ 2.4 trillion protection gap , and a recent survey by L & G revealed that the average family has a deadline to the breadline due to the lack of appropriate protection insurance planning of just 32 days – barely even a month . The existence of a protection gap , and even its size , will not come as a surprise to the majority of you as it ’ s been one of the chief frustrations of the industry
At the start of the year , we were pleased to launch a refreshed version of the Protection Fact Find ; revamped and ready to use for 2021 . We caught up with the man behind the fact find updates , our Head of Mortgage and Lending Intermediaries Compliance Services , Steven Howard , to find out more .