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Touch in talks on fee-free link-up

Personal Touch Financial Services is in discussions with three major high-street lenders over launching a procuration fee-free product.

Sales director Dev Malle says the firm is comfortable with the concept and feedback from members has been positive.

He says: “We are talking to two to three lenders about the concept of a no-proc fee product. Brokers will be able to charge for the advice they give. The product would have market-leading rates to make up for there being no proc fee.”

Last week, the Intermediary Mortgage Lenders’ Association said that in the near future broker remuneration will become more based on fees for advice rather than proc fees.

Nationwide group executive director Matthew Wyles agrees the market will see a move towards brokers charging fees for advice. “The whole regulatory regime is moving towards transparency and there is nothing more transparent than up-front fees. Ultimately, brokers are going to have to move towards a fee-based model.”

Wyles says Nationwide is not looking at altering its proc fees “imminently” .

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