Protection Policy -June 2023

Document Reference: PM-PP-001 Owner: Compliance Team — Promise Money

Protection Policy

Promise has a duty of care, when arranging homeowner mortgages and secured loans to protect borrowers income and their home against loss of income.

This is a specialist service and Promise has decided to outsource this to protection specialists
In many cases the application may have been introduced by a broker qualified and able to offer the required protection. In this scenario the introducing broker will be offered the opportunity to deal with the protection

Some Brokers tend to avoid protection and Borrowers cannot be forced to take protection but a process needs to exist to highlight and deal with the risks.

Broadly this process will involve the following steps

1. Confirming verbally during the sales call we will address clients protection needs either via their broker or a third party - gaining permission where possible to arrange either party to contact and discuss
2. Establishing if an introducing broker will be giving the advice on protection
3. If not, or the enquiry is not introduced by a qualified protection broker, discussing the risks with the client if not previously covered.
4. Encouraging the client to review their protection needs and gaining agreement for an expert to contact them
5. Passing the client back to their broker or a suitable third party to review the protection needs
6. Communicating clearly to the borrower who will be dealing with their protection needs going forward

A workflow has been set up to deal with establishing if the broker will give the advice. In all cases where that isn't the case, attempts will be made to contact the customer by phone, sms and email to investigate their needs and introduce them to a specialist. In both cases the client will be encouraged to contact their broker or the specialist

Once the introduction has been made or if the client has not responded to calls and emails after two weeks Promise will consider its duty concluded.