Nigel Wood, managing director of Peace of Mind Financial Solutions in St Nicholas Street, says though the core business of offering mortgage advice is still performing healthily, diversification of the firm’s range of products will help protect the business as a whole.

A new member of staff has been recruited to run the medical insurance side of the business.

Carol Veitch’s background is in retail and she says she’s looking forward to her new challenge.

She said: “We’re going into this in a big way by offering medical coverage to individuals, families and organisations. Customers will be able to choose the type of insurance they want, from a fully comprehensive package to products which cover the costs of certain treatments.

“We certainly feel it’s a market we can tap into.”

Mr Wood said: “As a business we’re certainly doing ok for ourselves, but we can’t afford to become complacent and we are always looking for new opportunities.

“Mortgage advice is still the backbone of our business and will continue to be so. in fact we’re busier than ever and from starting out with just seven members of staff last year we’re hoping to have about 15 or 16 by the end of this year.”

Mr Wood says though new business projections have grown by 250 per cent the firm is always looking for new ways to move forward.

Referring to the current financial uncertainty he said: “The knock-on effect in some financial markets has seen properties take longer to sell and house prices beginning to fall.

“However, because our business is built on personal trust and quality of our service we have not been unduly affected. In fact we have seen a big increase in the number of inquiries from people looking for sound financial advice, particularly in the mortgage market.

“Because the market has become increasingly difficult to understand, more people have been taking advantage of our services. Our team has got a great deal of experience in fact about 230 years of experience between us.

“With the launch of our new medical insurance products we’re all looking forward to helping our business to grow even more in the years ahead.”