First Complete launches clawback early warning system for advisers

Jon Round's colleague Toni Smith from First Complete finds a way to protect adviser commission

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First Complete has introduced a notification system to warn advisers when a client misses a regular protection policy payment putting the adviser at risk of commission clawback.

A clawed back payment is usually the first alert an adviser is given that the policy has lapsed and they will not be paid that month.

First Complete's Lapse Early Warning System sends a bespoke email to every member firm showing policy details on any sales at risk of lapsing. The email includes: when a payment was missed, the arrears due, the requirements needed to reinstate the policy and the amount and date of commission clawback should the clients' premiums remain unpaid.

The new system will also enable advisers to check on the intranet at any time to see a list of all policies at risk and the clients that they need to contact.

This information will also be pulled together at company and regional level, enabling First Complete's sales management to identify geographic lapse risks and offer members support.

Toni Smith, sales operations director at First Complete (pictured) said: "In the majority of cases this simple, early intervention can stop a policy from lapsing.

"To have an online and email notification system like this working across a whole panel of providers is, we believe, a first for a network in the UK. This puts our advisers on the front foot and means they can quickly make sure that, where circumstances may change, their clients can keep the vital policies which are in place to protect themselves and their families.

"This is good for advisers, good for providers, good for the network and it could be vital for clients."

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