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Brokers give backing to retention schemes

Nearly all brokers are happy with retnetion incentives and do not beleive they work against treating customers fairly principles, according to new research.

A BM Solutions survey found 98 per cent of respondents said that brokers should be paid procuration fees for remortgaging borrowers with existing lenders.

Some 91 per cent said that paying a proc fee on retained business does not go against TCF.

It comes after BM and Halifax revealed in July they would may full proc fees on retained business and offer the same deals to new and existing customers. Accord and Woolwich also offer retention incentives, while Bank of Scotland is expected to launch a similar initiative to BM and Halifax next year.

BM Solutions director Tim Hague says: “We knew from our recent volumes that brokers obviously believed in this initiative. We were also convinced that if the best deal available for a customer is with their existing lender then placing repeat business does not go against TCF.

“I am glad that this research confirms what we believed – that brokers resoundingly agree. It once again shows BM putting consumers and brokers first and foremost in all of our developments.”

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