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Abbey moves step nearer to rewarding retentions

Abbey is looking at introducing procuration fees for retention business after consulting with selected brokers.

The company visited brokers, including Robert Sterling, towards the end of last year to discuss introducing retention proc fees. Only a small number of lenders, including HBOS, Woolwich and Accord, currently offer the fees.

There has been speculation that Abbey will look to gain market share this year due to its strong funding position from parent company Santander while its rivals continue to face liquidity problems.

Robert Sterling managing director Kevin Duffy says: “Abbey came to see us at the back end of last year for consultation on the matter. It is working with other brokers on it as well but I do not think there is any timeframe for it yet. Abbey is often slow at getting these concepts off the ground.”

An Abbey spokesman says: “We are continually reviewing our mortgage loyalty strategy, which involves consulting with brokers on this subject.

“We are testing new approaches on how best to serve intermediaries better. However, at this stage, we have no plans yet to introduce retention fees for brokers.”

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