"This initiative gives them the opportunity to better serve their customers and at the same time build embedded value in their businesses."
Intermediaries will make an annual customer care call to see if any new or emerging vulnerabilities have arisen and in return they will be paid an Ongoing Care Fee of 0.13% each year, for up to 15 years, in addition to their initial remuneration of 0.55%.
Patrick Bunton, managing director at LiveMore, said: “The market has been calling for this type of initiative for as long as I can remember and we believe that now is the right time to make it a reality. Intermediaries know their customers best and are perfectly placed to proactively help us via a quick and simple process. This initiative gives them the opportunity to better serve their customers and at the same time build embedded value in their businesses.”
Richard Merrett, head of strategic development at SimplyBiz Mortgages, commented: “It’s perfect timing for LiveMore to introduce this programme as customers views of their own long-term financial plan will change over time, with many sadly becoming vulnerable in the future.
"SimplyBiz has always stressed the importance of keeping in contact and regularly reviewing customers needs. Only by understanding evolving needs can you ensure that you are delivering the best possible customer outcomes.”
Danny Belton, head of lender relationships at Legal & General Mortgage Club, added: “LiveMore is aiming to identify and support vulnerable customers, an area of increasing importance given the ongoing challenges presented to homeowners.
"The programme requires advisers to revisit their customers annually, ensuring they remain in close and regular contact. There will be a small procuration fee paid for this and these regular meetings will help to deliver a great level of service which will ultimately help to better protect customers.”
