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Royal Bank of Scotland ditches packagers

Royal Bank of Scotland Intermediary Partners will no longer accept business from packagers.

The lender made the decision after a review of its distribution process and decided on streamlining the valuation process to eliminate packagers, which it says will produce a more consistent service to brokers.

RBSIP, which only used a small number of packagers, will still accept business from packagers if they are acting as direct brokers and will pay proc fees.

Last June, RBSIP was criticised by Hamptons Mortgages managing director Kevin Duffy for failing to embrace packagers within its specialist brand NatWest.

RBS spokesman Rob Davies says: “RBSIP has decided that all valuations will be instructed by us through one of our panel valuers and therefore a packaging fee will not be payable. In the majority of cases, this happens already.”

In the latest management shake-up at RBSIP, former BM Solutions sales and marketing director Chris Pearson has been appointed as director of intermediary mortgages, replacing Caroline Marsh who is leaving the firm.

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