Borderway Finance - A view from inside

By Mike Deans, senior account manager

It is without doubt that 2004 was a challenging year for Borderway Finance.

Mike Deans

With over 4000 live cases and new customers being added daily, each deserving the best in customer service and support, the day to day running of an efficient office is in itself a challenge.

Over and above this, 2004 presented us with changes in legislation for the sales of general insurance products requiring us, and many of our supporting dealers, to become authorised by the Financial Services Authority to enable us to advise on and arrange Credit Protection Insurance Plans, GAP Insurance and Invoice Price Protection.

This has presented us with new challenges and was a very steep learning curve for us all. The insurance products that we offer to our customers are very comprehensive but as of 15th January 2005, the FSA regulations require us to document the qualification of our customers and to show how we have advised them on any products that we feel are appropriate to their needs.

Borderway Finance and our introducing dealers have many years of experience in dealing with Credit Protection Insurance and GAP products. Some dealers may see this as unnecessary paperwork, policing the work that we have been carrying out for a long time. However, it is important to see the benefits both to our customers and to our businesses. Good service is important to us all, as is making our customers aware of the products and the benefits available to them. I am sure that everyone agrees with the importance of giving correct advice in the wake of the problems experienced within the pensions and investment industries.

With the systems we now have in place at Borderway Finance and throughout our supporting dealer network, we can be certain that all of our customers will be fully aware and correctly advised about insurance products that are designed to protect them from the financial consequences of unexpected occurrences, such as being unable to work due to sickness or an accident.

Throughout the last twelve months we have been developing our own internal systems, training procedures and relevant documentation to enable us to comply with these new regulations.

We have also been working very closely with our dealer network to assist them with their own internal policies. We have provided on-site training to our supporting dealers in order to help them towards compliance, in turn offering an efficient, well informed service to all our clients.

Borderway Finance opened its doors to the world on January 1, 1998, without a single customer on its books. All staff have worked extremely hard to get the business to where it is today.

Everyone within the team plays an important part within the business, helping to maintain the levels of service that our customers and dealers deserve.

It is also thanks to the loyalty and support that we receive from our customers and dealers that has helped us to retain the growth that has been achieved over the last seven years.

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