Circumnavigating poor service levels

"It may not seem like a huge point to make but it may help speed up the process to get this documentation upfront rather than having to wait weeks into a proceedable case."

Now, lender bashing can sometimes be a way to let off steam and it might possibly do you good to vent your spleen for a few minutes just to air some frustration, but ultimately I’m never quite sure if it delivers anything more than that.

So, while I could take lenders/providers to task for some poor service at the moment, they are unlikely not to know this and, to give credit where it’s due, for the most part they are trying to do something about it. Plus, let’s look at what solutions we can offer up and indeed what we might be able to do in order to circumnavigate what is currently happening.

Firstly, and again this is a problem right across the financial services sector, many businesses are struggling in terms of resource levels. Recruitment is currently a huge problem, particularly in property-related businesses, and this is clearly having a major impact.

Again, for the most part this is being addressed, but lenders and providers almost have a Catch 22 situation whereby they are bringing in new recruits but, in many cases, existing staff are training these people, which takes them away from servicing cases. Naturally, once this recruitment and training is completed, this issue will start to get better but I’m afraid that it’s probably a case of things getting worse before they improve.

Now, of course, as an adviser try telling this to your client who desperately wants their case to be completed as soon as possible. You are likely to get more than an eyebrow raise.

However, there are options to try and speed things along particularly at the early stage of a case. Engaging with solicitors as soon as possible on potential issues raised at the factfind is one way to get things moving – if you’re made aware of potential legal issues with a property/client, for example, there has been recent building work that will require building regs or planning documentation, then you can work with the solicitor to get these as early as possible.

It may not seem like a huge point to make but it may help speed up the process to get this documentation upfront rather than having to wait weeks into a proceedable case.

The other point which was raised by a number of advisers at our recent ‘Breakfast with Stuart’ meeting was around lender/provider transparency on their current service levels. It was pointed out that if advisers were provided with the truth when it comes to existing SLAs, then this would help inform them about whether to place an urgent case with that lender/provider, or indeed whether to go elsewhere.

Should BDMs and telephone teams be able to provide straightforward views on how your case will progress? Absolutely, and it is in their interest to manage your expectations as the last thing that anyone wants is an angry adviser dealing with a distraught client.

However, at the moment, we do not have a clearly defined industry standard for SLAs so the truth is mutable. Are we looking at the time for all cases or the ‘typical’ case? What about those which are delayed by the need to request legal documentation or secure additional planning information? What role does the provider’s ability to push these cases through while keeping you informed play?

The AIR Temperature Check which is due to be published next in July provides a good barometer for how our members view the different levels of service from each lender at each part in the process. This is a two-way street and we ensure we give anonymised feedback so providers are in no doubt where they could improve.

Overall, I have some sympathy for those lenders and providers who find themselves playing catch-up from a resource point of view, because it is clearly an issue for many players. Yet, while the ‘resourcing up’ rumbles on, and indeed even when it’s not, the question is how best advisers can be presented with the truth on service standards as this would undoubtedly ensure they are able to provide their clients with greater certainty and a much better and more informed recommendation to boot.