Sales director Dev Malle says that the company will start naming the worst culprits on its website from this week as a warning to lenders that it will not accept dual pricing.
Malle says its campaign has received fantastic support from its members.
He says: “We are trying to support our members through what are already very difficult market conditions. We previously tried to show our support for our lending partners, but lenders have started to undercut products to such an extent that we realised we had to take action. What is beginning to happen is that dual pricing has become the new norm. Lenders are taking the opportunity to effectively cut out the intermediary.”
Malle says the extent of the product variation is often as much as 0.55 or 0.65 basis points as well as lower fees.
He says: “We are quite comfortable with naming and shaming lenders. A lot of firms are getting together to decide on their approach.”