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Commission pledge for packager failure

Sesame has introduced a new packager panel and says it will guarantee advisers’ commission in the event of a packager failure.

The review assessed mortgage packagers on a range of criteria, including financial due diligence and analysis of packagers’ compliance processes and procedures.

Sesame’s new packager panel will comprise of All Types of Mortgages, Enterprise Broker Services, Opus Mortgages, Solent Mortgage Services, The Business Mortgage Company, TFC Homeloans and Zebra Homeloans.

As part of the new approach, packagers on the panel will be regularly reviewed and monitored to ensure they are meeting Sesame’s standards.

Managing director of mortgages and general insurance John Cupis says: “We are operating in a tough economic and regulatory climate, which is why it is imperative that we put our relationships with packagers on a new footing.

“As part of our new approach we have retained packager choice and put in place strong regulatory processes. We have also protected our members’ commission and placed technology at the heart of our packager solution.

“In the current market conditions, the ability to secure advisers’ procuration fees is paramount. With a number of high profile packagers recently going out of business, we wanted to help our members secure their revenue. We now have arrangements in place that protect advisers’ commissions in the event of packagers going into administration.

“We believe this valuable feature running across a panel is unique in the market and is a clear demonstration of how we can add value to our members.”

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