Delivering good outcomes for customers is a key component of the Financial Conduct Authority’s (FCA) Consumer Duty requirements. For advisers working in the mortgage market, this means there is now an expectation to go above and beyond during the advice process.

Under the FCA’s requirements, advisers should now be actively considering all the other financial wants and needs their clients may have, not just their mortgage needs. This means taking a broader, more holistic approach to the advice process and asking questions about their clients’ protection and general insurance requirements, for example, as well as other financial services where appropriate.

Historically, protection advice such as life insurance, income protection and critical illness cover have often been given by protection specialists working outside, or independently, from the mortgage process. This means there are likely to be a high number of advisers in the mortgage market who are unfamiliar, or who have had limited dealings, with these kinds of products.

While many of these advisers will understand the new Consumer Duty standards mean they should raise the issue of protection with every one of their clients, many are also very aware they don’t necessarily have the knowledge, authorisation or qualifications required to provide this kind of advice to their clients.

For any adviser that finds themselves in this situation, being able to gain access to industry specialists to which they can refer clients to is essential, especially when it comes to ensuring they achieve the right outcome for their clients’ needs.

Not only will this provide reassurance that the client is getting the appropriate advice for their individual circumstances, it will also ensure the referring adviser is meeting their Consumer Duty obligations by raising the issue of protection with their client.

However, knowing where to look and who to trust when trying to find a qualified protection adviser can be daunting, which is why referring the client to a network like The Right Mortgage & Protection Network (TRM) can provide the kind of support and access advisers need when seeking a protection specialist.

Referral partnerships are an important part of the TRM proposition and we offer advisers a one stop shop for the vast majority of their clients’ financial needs. As mortgage networks are directly authorised by the FCA, it also means our members are fully compliant with FCA regulatory guidelines, so all referring advisers can rest assured the needs of their clients will be dealt with by a qualified professional.

The TRM referral process is straightforward and easy and all the referral services link directly to the network. This means any adviser using the service will be connected to a dedicated protection specialist that can handle the specific needs of the client being referred.

This helps to give advisers peace of mind that their customers will receive excellent advice and service from a fully-qualified and trained specialist and enables the referring adviser to focus on the other needs of their clients. They will also be paid a fee and kept in the loop about their clients’ progress.

Of course, there is also the option for referring advisers to become specialists themselves by exploring other product areas within TRM’s in-house supervision programme. This allows advisers to develop their product knowledge and offer a broader range of solutions to their customers, while simultaneously growing their business and improving their product knowledge.

Whatever the goal, understanding the options available in terms of referral partnerships is a key part of the advisory process. For those advisers who are not yet comfortable with addressing their clients’ protection needs, referring them to a specialist at TRM could be a solution. This will ensure their client gets the advice and outcome they need and also ensure they continue to meet their Consumer Duty obligations.

Adam Stretton, Managing Director at The Right Mortgage & Protection Network