Joanne Edwards, Head of Sales, Nemo Personal Finance

We spoke to Joanne Edwards, Head of Sales at Nemo Personal Finance, about the future of secured lending regulation and whether consumer service has suffered with the rising popularity of secured lending,

Related topics:  In The Spotlight
Amy Loddington
21st November 2014
joanne edwards nemo

FR: What do you predict for the regulation of secured lending?

As we have now seen the consultation paper, all lenders and brokers should be making plans for the change. Customer demand will still be there for our products, and they will now have a clearer choice of options with a standardised ESIS. I believe this will give us all an opportunity to reach new customers and provide a different option to many who do not currently know it’s available.

FR: Secured lending has continued to rise over the last 12 months – why do you think the demand has continued to grow?

It is pleasing to see the market grow, and I’m sure it will continue to do so. Growth has come from an increase in competition, pricing improvements and criteria changes. We have also seen an increase in the House Price Index, GDP and consumer confidence which all drive a more vibrant economy, this in turn leads to a greater demand of financial products.
 

FR: With more lenders entering the market and the popularity of secured lending rising, do you think this has affected the ‘bespoke’ nature of service for consumers?

Not at all! It increases competition in the market which encourages lower rates, customer centric products and most importantly better service for the customer and broker. Here at Nemo we are putting all our front line staff through CeMAP to ensure the best process is offered to the broker and the end customer.

FR: What products do you think we will be seeing by next year?

We could see criteria start to change in line with upcoming regulation before the deadline of March 2016 and this could also include changes to the way we assess affordability now and in a potentially stressed environment. We may also see an increase in LTVs, different self-employed offerings and larger loans.

The change in regulation could open up lots of product options such as  products that may be more attractive in a more mortgage type environment, for example no up-front fees but a higher rate or pay upfront costs to obtain a lower rate.

The way we interact with customers will also be key in 2015. With more transactions moving to a digital preference the industry will need to build this into their plans going forward.

FR: Have you got any big plans or exciting news coming up for Nemo you can tell us about?

Nemo has some exciting developments for 2015. We have been heavily recruiting across all areas of the business and are putting more BDMs out on the road. Alan Jarman has joined us as Nemo CEO following the retirement of Guy Thomas. Alan is also COO at our parent company, the Principality Building Society, and has a wealth of banking experience, having spent over 20 years with HSBC, including a large amount of time overseas. He brings with him the desire and motivation to increase Nemo’s lending, so watch this space…

An exciting time to be at Nemo!

FR: What advice would you give someone starting out in the industry?

This is a great question. I started out my career in the sales team at First Plus, and there are many examples across the sector of people working their way up the career ladder. Key to success will be keeping the customer at the forefront of your mind and ensuring they receive a fair outcome.

Be open and willing to work hard, take on tough challenges and be keen……. success will come.

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