Welcome to this month’s Industry Roundup, bringing you up to speed with industry insights, regulatory updates, and the latest TMA news.
Hello June! As we welcome this new month, curiosity is building for the general election on July 4th. While we’re all eager to see what the outcome will be, news around the housing market has been a bit quiet. Did you know we’ve had 16 Housing Ministers since 2010? We’re all hoping for some steady progress soon! With the manifesto expected to arrive about three weeks earlier than last year, now’s the perfect time to share your questions and thoughts here. What are you expecting to see?
With the ongoing concerns about the National Health Service and the struggle to get timely care, now is the perfect moment to connect with your clients. Highlight the fantastic value-added benefits their policies offer! We’ve all been there, struggling to get a doctor’s appointment. Many policies include GP24 services, ensuring your clients can see a doctor even when they’re on holiday. Check out our added value benefits table here.
We’ve been getting mixed news from the mortgage market, and there are still concerns about affordability for first-time buyers, even as demand for homes keeps rising. The good news is that lenders are rallying to support first-time buyers, while builders are carefully watching the market. Plus, with the new leasehold reforms now in law, it’s going to be easier and cheaper for leaseholders to buy their freeholds. In my recent article in The Intermediary, I dive into the challenges your clients are facing and the crucial role you play as their adviser. You can check it out here!
Inflation has dropped from 3.2% to 2.3%, thanks to lower gas and energy prices. Since August 2023, the base rate has stayed at 5.25%. With May’s inflation figures just out, many experts are starting to wonder when we’ll see a change. The MPC is meeting again on June 20th, and some believe this could be when we see the first base rate cut since 2023. However, others think we might have to wait until summer.
SONIA Swap Rates…
We’ve seen a decrease in the SONIA swaps and vs this time last year, with a current 2 year fixed at 4.595% and a 5 year fixed at 4.016%. Track the rates on the TMA website.
YOUR ANNUAL ASSESSMENT QUESTIONS ANSWERED…
Just in case you missed it, I recently recorded a series of short videos where I interviewed our Compliance Operations Director, Martin Sykes. We delve into the four consumer duty outcomes and how they align with the annual assessment, giving you some great ideas for your own evaluations. You can check out the videos here. And don’t forget to take a look at our Consumer Duty-focused blog!
Got a question? In our final videos, we’ll be answering your questions! Just email them to TMACompliance@tmaclub.co.uk. We’ve got your back! For our compliance members, we’ve put together a handy support document available in the TMA Vault. Click here to access your Annual Assessment support guide. Not a compliance user but need assistance? No worries! Reach out to your dedicated Key Account Manager for more info on our compliance offerings.
ARE YOU FINDING TIME TO TALK PROTECTION?
Did you know? Recent stats from The Intermediary reveal that a whopping 57% of households don’t have enough life cover to safeguard their loved ones. And here’s another eye-opener: a whopping 70% haven’t seen any Critical Illness advertising lately. Shockingly, 74% of women and 66% of men can’t recall seeing any CIC ads, whether on TV, social media, or in the news. It’s clear that the lack of consumer marketing is impacting these figures.
Here’s some food for thought: 28% of people shy away from seeking advice because they’re worried about feeling pressured into buying something. These insights are from the ‘Critical Thinking Report 2024’ by CIExpert. Want to know more about our protection solutions? Reach out to your dedicated Key Account Manager today or click here to find out more.
NCSC ISSUES GUIDANCE ON DISTRIBUTING PHISING ATTACKS…
The National Cyber Security Centre has issued new guidance on protecting your organisation from phishing attacks aimed at senior executives. Business email compromise attacks are on the increase. A recent government report on cyber attacks revealed that in 2023, 84% of businesses and 83% of charities have experienced a phishing attack in the past 12 months.
SUPPORTED BY AI…
The team is on a mission to boost our efficiency, and guess what? This edition has been supported by AI, courtesy of ChatGPT! Why not give it a try?
Get in touch with our dedicated Broker Support Team on 0330 303 0236 if you have a query or need some advice.
