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Openwork debt con

ended 13. May 2025

In a recent email to their brokers, Openwork have said: “We’re moving all debt consolidation cases to pre-approval prior to the presentation of the advice. Further details of this process will be communicated over the coming weeks.” As a broker, what are your thoughts on this?

5 responses from the Newspage community

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If they don’t ensure that the pre-approval process is slick and same-day, this will result in delays for borrowers for whom time is of the essence. If people are struggling to maintain debt monthly, hence the need to consolidate, the last thing they need is unnecessary box-ticking delays.
I feel for brokers working under networks, and this could see borrowers go elsewhere.
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The question is, 'what lurks beneath the surface?' Networks rarely make these decisions without having encoutered a problem with the advice or via quality control checks. Pre-approval adds another hoop to jump through and, if not handled swiftly, it could delay urgent cases where clients need fast solutions—especially in debt consolidation, where timing can be critical.
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You dont make a change like this lightly, there must have been a serious amount of cases that were highlighted as not suitable or poorly documented to create such a change. As the quality rises they will probably revert back but for those solid avdvisors documenting and advising correctly this will be a real pain.
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This is an awful decision from Openwork showing a complete lack of trust in their firms and advisers and ultimately applying a one size fits none approach. Rolling out additional training and such is a considered approach but this decision is more of a sledge hammer and will only frustrate advisers and with delays to submitting applications almost certain, a poorer outcome for clients also.
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This very much reads as a network not trusting their advisers to give advice. What next to need pre-approval? Where will it stop?