Coventry for Intermediaries has re-launched its intermediary pledges, including a new service level pledge and simplifying the existing commitments, which were launched over eight years ago.
Back in 2008, the building society’s intermediary arm - Godiva - pledged to treat advisers fairly, after other mainstream lenders were unable to give the same guarantee.
The standout pledges for intermediaries and their clients have been updated to:
1) “We’ll give you 48 hours’ notice of product withdrawals by email”
2) “We’ll always be honest and open about our service levels”
3) “We’ll never cross-sell insurance to your clients”
4) “We’ll give your clients the same products, rates and services as direct customers”
Coventry stated that on the second pledge, it will display five key service levels on its website every day – average offer turnaround, AIP referral, document processing, call waiting and valuation instruction times.
On the fourth pledge, it added that brokers’ clients will be offered the same products at the same rates and with the same service as direct customers, so everyone is treated fairly.
Kevin Purvey, head of intermediaries at the lender, said: “We understand that our service can have an impact on brokers’ reputations. That is why we’ve re-launched our pledges, including one relating to our administration, offering transparency of our service levels.”
Adrian Anderson, director of broker Anderson Harris, commented that the lender has a good business development manager who actually understands their products and criteria.
“As it is a building society, it is usually possible to speak to a human being quite quickly, rather than getting stuck on hold all the time, as is the case with some other banks.
“The pledge promise is welcome as there is nothing more frustrating than dual pricing. We have experienced banks announcing a change in criteria or pulling rates with immediate effect so it’s good that Coventry give 48 hours’ notice,” he added.
peter.walker@ft.com
