Bankhall and PMS Mortgage Club have introduced a referral scheme so directly authorised members can pass on protection business to specialist advice firms.
Together, the two adviser networks span some 10,000 members and sit under Sesame Bankhall Group.
The 1,000 appointed representative firms housed under the Sesame Network, however, will not have access to the scheme.
The newly launched panel comprises four protection advice specialists. These are Assured Futures, Essential Insurance, Pure Protect and The Insurance Surgery.
Bankhall and PMS are keen to help those members who do not wish to advise on protection but still want to make sure their clients’ financial wellbeing is protected.
The panel’s formation follows Sesame Bankhall Group’s ‘Protection Pledge’ adviser campaign, which attempts to commit advisers to talk about the need for protection with every client.
The group previously found nearly half (48 per cent) of 424 directly authorised advice firms it surveyed across its networks wanted more support on how to advise business owners and the self-employed on protection.
“Our new protection referral panel bolsters our ability to help advisers find the right protection cover for their clients,” said Bankhall and PMS managing director, Ross Liston.
“Protection is a hugely important issue and one that advisers need to discuss with all their clients.
“By encouraging advisers across the UK to stress the importance of getting covered to protect against the unexpected, we can help consumers to become more financially resilient.”
Liston is hopeful the referral panel will encourage advisers to “still do the right thing” even if they do not wish to give protection advice.
ruby.hinchliffe@ft.com
