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Stroud & Swindon niche deals may go to small clubs

Stroud & Swindon Building Society says that it may focus its niche product exclusives on smaller clubs and networks.

Sales and marketing director Linda Will is developing distribution relationships in preparation for the launch of S&S’s online intermediary arm in October.

The society plans to distribute many future specialised products through clubs and networks as exclusives.

Will says: “When we decide to dip a toe back into the niche markets, we need to find clubs and networks with the best compliance and credibility.

“The credit crunch has meant that lenders and distributors have to have much deeper real partnerships and that might be the small clubs and networks.

“We will need control, quality and compliance when we release a niche product and the smaller players could be best for that job.”

However, Premier Mortgage Services managing director John Malone believes it will be the biggest mortgage clubs that will see the best and most competitive products.

He says: “In three months, the face of distribution will have changed dramatically. Only the biggest and most trusted few will have access to any exclusives that come through. Those who cannot guarantee between £10bn and £15bn of placements will not survive.”

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