View more on these topics

BM Solutions urges brokers to boost business by internet

Brokers are failing to use the internet properly and are losing business as a result, according to BM Solutions.

A survey by the lender found that only 53 per cent of the brokers surveyed in its research had a company website while 52 per cent get no new business through the internet.

Less than 6 per cent of respondents get more than 20 per cent of new business from online sources.

BM spokesman Matt Grayson says: “These findings suggest that brokers are not using online developments enough to attract and secure new business. It is definitely an area worth looking at. There are lots of opportunities to use web promotions to attract potential clients who are surfing the internet for information.”

Standard Life Bank is now offering a web service for brokers offering immediate decisions on most mortgages and key facts illustrations to print.

The firm is also offering intermediaries a flat 100 fee, in addition to their commission, for every completed online case.

Head of sales Jackie Moran believes it is vital that more lenders step up their online presence to generate business and help comply with anti-money laundering rules.

She says: “The more tech-nology that you have, the easier it is to carry out checks. We want to manage risk as an industry to ensure that we are doing business with the right people.”

Recommended

Altmann questions cash claim for assistance scheme

Independent pension consultant Ros Altmann claims the announcement of extra funding for the Financial Assistance Scheme is misleading. Work and Pensions Secretary John Hutton announced the extension of eligibility for the FAS in response to Parliamentary Ombudsman Ann Abraham’s damning report into Government maladministration of occupational pensions. Workers within 15 years of their scheme pension […]

Big five under pressure as smaller firms make inroads

Swiss Re’s annual report says Legal & General, Norwich Union, Friends Provident, Scottish Widows and Abbey dominated the protection market last year but are under threat from smaller providers. It shows that the five firms made up around 60 per cent of sales last year, joined by HSBC on income protection. L&G has remained the […]

Eadon to head PFS

Tim Eadon is to be the new chief executive at the Personal Finance Society. Eadon, who takes on the role next week, was formerly head of Sesame Solutions where he was responsible for business development and transformation of the network’s financial advice channel. He takes over from Mark Ommanney, who left the post in March. […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment