- 01392 353899
- info@hlprotection.co.uk
- Consumer Website
Designed to help protect your clients and their families, HLProtection is your trusted protection referral partner.
Delivering Excellent Customer Outcomes is our commitment to you and your advice business. HLProtection's referral service is designed specifically for HLPartnership's advisers and their customers. Our focus is to ensure that your clients have the peace of mind that comes with knowing that, should circumstances change, they can still repay their mortgage or maintain living standards due to quality protection advice.
We understand that selling protection comes with its challenges. That's why our team of experienced protection experts are available to service your client to the highest standards and ensure that every client has access to expert protection advice. By working together and operating in your customers' best interests, we can help protect your clients and take a responsible approach to advice.
HLProtection looks to provide peace of mind for both the adviser and their client. After all, how would you feel if your client were to phone you up having lost their home? An event which could have been avoided through effective protection advice. To put it colloquially, it could be a long and anxious walk to the filing cabinet after such a call.
We know it’s challenging to advise your clients on the wide variety of protection products alongside mortgages, and that many advisers choose to specialise purely on mortgages themselves.
At HLPartnership, we recognise the need for a service to help ensure your clients are protected, yet you are able to focus on what you do best, giving market-leading mortgage advice.
Introducing HLProtection
HLProtection is the new telephone-based insurance advice service from HLPartnership, a trusted protection referral partner for whom you can refer your clients to for all their protection needs. You can be safe in the knowledge that your clients are receiving the expert advice they need, without risk of any cross-selling or interference in the relationship between you and your client.
To deliver excellent customer outcomes, we believe that every client should understand the risks associated with taking out a large loan such as a mortgage and have access to expert protection advice to ensure their home remains theirs through a change in circumstance. Below are the three key risk areas that we focus on to help protect the future of your clients.
Income protection insurance offers financial support against loss of earnings due to illness or injury. It is one of the most important insurance your client should have - around one million workers a year are unable to work due to prolonged sickness or injury,* yet many people have never even considered what they’d do if they couldn’t work because of long-term illness or injury. For most people, experiencing a sudden loss of income due to illness or injury could be devastating for them and their family. *Source: ABI, 2019
There’s one certainty to life in that one day we’ll all be gone. It’s important to think carefully how your client could cope financially as well as emotionally, if they or their partner died – whether the bills can continue to be paid, and if their family can afford to remain in the home that they have bought. Life insurance is designed to support your clients family financially when they're no longer there for them. The cover will pay out after their death, or if they're diagnosed with a terminal illness. This can be a difficult thing to talk (or even think) about, but it really needs to get sorted.
We think of ourselves as invincible, but as we get older we can become more susceptible to both short and long term illness. Critical illness cover is there to make your clients life easier if they ever face a serious health problem. It pays out if they are diagnosed with one of the conditions listed in your policy or if they pass away. Most mortgage holders already insure your home, your car and maybe even the family pet, so protection for your client and their loved ones should be equally as important.
The following guidance is intended for HLP Network Mortgage Advisers referring mortgage clients to HLProtection for insurance advice services.
Referring clients to HLProtection is a regulated activity. You can do this lawfully in the UK as an Appointed Representative of the HLP Network. This appointment enables you to be able to:
Not unreasonably, HLPartnership does not appoint you to make referrals for insurance to firms and advisers outside of its Network.
Yes. The information you pass to us will usually include ‘special category data. UK Data Protection laws require you to obtain your client’s explicit consent to share this type of information with us. A suitable consent form allowing you to transfer data regarding receiving insurance mediation services is provided in the appendix section.
You are responsible for the accuracy of the information you pass to us if relied on to base our recommendations.
You can only pass a client’s contact details to us if they have provided their consent for us to contact them to offer insurance services.
You can only pass us the clients fact find information if they have provided their express consent to share with us their data, including special category (Health) information.
As a mortgage advisor, you are in a particular position of trust with your client. Any comments or opinion you offer about the appropriateness or suitability of our insurance recommendations are likely to have the force of advice. Accordingly, you should only comment if you are licenced under the HLP T&C Scheme to Advise on Protection contracts and are prepared to accept responsibility for that advice.
Helping the customer complete their insurance proposal/application for cover or make a claim are also regulated activities and as subject to high standards of professional conduct.
Suppose you are not Licensed to Advise on Insurance Contracts under HLP's T&C Scheme. In that case, you must not advise your client or say anything that gives the impression of advice regarding our insurance recommendations. Instead, it would be best to tell your client that you cannot advise them and refer them back to their HL Protection Advisor. This restriction does not prevent you from discussing the insurance contracts we recommended and, in factual terms, the impact these have on the client's overall financial situation.
Please refer your client back to us if they require help to complete their insurance application, have questions about our advice or want to make an insurance claim.
Our interpretation of current tax law is that the revenue you receive through this activity is commission for insurance intermediation, and as such, it is likely to be exempt in the UK from Value Added Tax.
There is no need to include the fees received on the RMAR. This will be recorded through our system.
You should record in your suitability letter that the client understood and accepted the risks of the recommended borrowing. For many clients this includes the risk of no longer being able to afford to live in the mortgaged property following unforeseen changes in circumstances including death of a partner, inability to work due to accident, sickness or redundancy and fire, storm, flood.
To demonstrate that you have met this duty please record in your Suitability Letter that you have referred your client to HL Protection for advice about their insurance needs and recommend that they act on that advice prior to committing to take on the recommended mortgage. For example your Suitability Letter might say the following:
You will be reliant on each other to meet the mortgage repayments and household expenditure and I pointed out the serious financial implication if either of you are unable to work due to illness, redundancy or died. I pointed out that insurance cover designed to protect against these types of risks is generally available and with that in mind I have passed your details to the specialist HL Protection to advise you further in this regard. I recommend that you act on their advice prior to you becoming committed to purchase at exchange of contracts.
Referral payments for business received in the month will be paid within the first 2 weeks of the following month. This means that the referral payment for all commission received from providers in the month of January will be paid to you by the middle of February.
Your referral commission will be paid to the same bank account registered against your AR account.
Your Referrals and any resulting insurance business arranged by HLProtection should not be recorded in the Ancillary Business Register.
HLProtection is a trading name of HL Partnership Limited. Registered in England No. 5011722
Authorised and regulated by the Financial Conduct Authority. Registered Office: Unit 1, 2nd Floor, Southern Gate Office Village,
Southern Gate, Chichester P0198GR
Contact Details:
Office Address: HL Protection, 2 Ulysses House, Ulysses Park, Heron Rd, Exeter, EX2 7PH
Tel: 01392 353899
Email: info@hlprotection.co.uk
HLProtection is a trading name of HL Partnership Limited. Registered in England No. 5011722 Authorised and regulated by the Financial Conduct Authority. Registered Office: Unit 1, 2nd Floor, Southern Gate Office Village, Southern Gate, Chichester P0198GR
The information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.
