View more on these topics

Nationwide hires more than 100 extra staff to speed up processing

Nationwide has confirmed it is taking on more than 100 extra staff to speed up the processing of mortgage application.

Brokers complained after the building society’s average processing time rose to 17 days in July. The society’s service level agreement stated a maximum processing time of 14 days, but it was only processing 50 per cent of applications within this timeframe.

Nationwide said this was due to heightened demand for a number of its fixed-rate products.

Nationwide has since updated its application-to-offer service level agreement to a maximum of 13 working days and says it currently processes documents it receives within two days.

A Nationwide spokeswoman says: “We did have some issues back in the summer but have been putting significant measures in place to get us back on track.”

Trinity Financial head of communications, marketing and products Aaron Strutt says: “It was only a matter of weeks ago that there were fairly serious problems with Nationwide’s backlogs. The additional staff will be welcomed by brokers.”

Recommended

Morningstar to publish past performance alongside new share classes

Fund data provider Morningstar is to publish the past performance of funds alongside new share classes launched for the RDR. The data provider says new fund share classes will be appended with the track records of funds with higher charges. Morningstar’s director of data and research strategy for global funds Andy Pettit says: “An industry-wide […]

1

BBA board looks at merger options

The British Bankers’ Association’s board has had internal discussions about a merger with another trade body, following the announcement that it will lose its role as the administrator of Libor. The BBA operates as the administrator of Libor and issues licences for the commercial use of the benchmark rate. Following the recent rate-rigging scandal, Financial […]

Leader

We’re here. Or at least nearly here. There’s a couple of weeks and then the Christmas season starts, so effectively 1 January 2013 is upon us. How ready do you feel?

L&G reveals RDR adviser charging proposition

Legal & General has announced details of its RDR adviser charging proposition. The provider will support adviser charging for new investments across a core product range including its Select Portfolio Bond, International Portfolio Bond, Suffolk Life Sipps, pensions and with-profits annuities, Cofunds pension account and unit trusts. In addition, from 14 December L&G products with […]

Europe: Domestic backdrop & China impact

By Rob Burnett, Head of European Equities In recent weeks equities have been buffeted by two shocks occurring at the same time: China’s devaluation of the renminbi and the prospect of the US Federal Reserve (Fed) raising interest rates. The market is not comfortable with the Fed raising rates at the same time that China […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment