AfI launches associate accounts division
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Abbey for Intermediaries has created an additional broker division similar to its key accounts channel that will mean lender exclusives are available to more brokers.
The associate accounts division will launch today, initially with 10 brokerages that will then be invited to agree commercial terms with AfI.
One broker thought to be signing up for associate accounts status is John Charcol.
Adrian Whittaker, key accounts director at AfI, says: “The goal is to strengthen our ties with the broker community and offer more commercial opportunities to those intermediaries who are not associated with a key account and yet have a strong and ongoing relationship with us.
“This is about expanding our level of involvement in the industry and in those brokers who have a mutual interest in working more closely with us. In developing this proposition, we hope to engage more closely with companies to ensure we are doing all we can to support their business strategy.”
AfI has appointed Claire Chick to the role of national key account manager to support the associate accounts division.
Prior to her appointment, Chick worked was an AfI sales manager and has worked within the broker sector for more than 15 years.
She says the associate accounts represent an important part of AfI’s ongoing commitment to a closer working relationship with the intermediary community.
AfI has also announced stricter measures for brokers submitting fast-track applications.
Brokers will need to keep proof of income for all fast-track applications for two years or they could face being banned from using the facility.
AfI carries out random monthly sampling checks on brokers who have submitted fast-track transactions. If a broker fails to prove the client’s income, there have been no consequences until now.
But from March 1, if a broker fails to supply evidence of their client’s in-come, the fast-track facility will be removed for the broker and they will not be paid a proc fee.
If a broker has been removed for three months, they can reapply for fast-track by signing a document outlining that they understand and agree to the terms of the fast-track requirements. If there was to be a second failure, the broker would be banned from using AfI’s fast-track proposition again.
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Readers' comments (5)
Anonymous | 22 Feb 2010 9:32 am
Strengthen their tie with brokers!?! Are AFI taking the mick or what? I have just been reading other reports regarding AFI's poor treatment of brokers by withdrawing proc fees, etc. AFI have aq long way to go to even start to repiar the damage they have done to their relationship with the broker community. I for one will not use any Santander lender unless completely necessary due to their poor service, complete lack of common sense underwiritng and misptreatment of advisors. I hope and suggest other brokers do the same. Until we are recognised for the amount of business that is generated by us, my stance will not change. By the way, until about 18 months to 2 years ago I found Abbey to be one of the best, if not the best intermediary lender available to us, so it just shows how quick a relation ship can beruined.
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Anonymous | 22 Feb 2010 10:02 am
I totally disagree with 22 Feb 9.32am post. I have have found the service from my service centre very good, save for the two month period last summer during their restructure. I have been working with them for approx 2 years, and find that you can talk to their BDCs and get help with cases. Communication is the key, as is relationship building. I take it that despite their rates/packages sourcing well that correspondent will not be giving best advice, but advice based on his own prejudice. TCF I think not
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Salil Chaudhari | 22 Feb 2010 12:21 pm
I can envisage lots of excuses by SANTA not to pay proc fees and steal our (sorry) their customers!
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Anonymous | 22 Feb 2010 1:17 pm
Afi know what the broker market thinks of them at the moment - so this is just a step toward them making sure they get the big players on board now to protect their market share when things pick up - and should also be a "warning" to the smaller broker that they dont rely on them - certainly our Afi BDM has said he will only be calling on "key accounts" in the future. It will however be interesting to see if Afi match the promise to - "offer more commercial opportunities to those intermediaries who are not associated with a key account " - we'll see !!!!
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Keith Hickman | 22 Feb 2010 1:28 pm
Congratulations Claire. I know you'll make a wonderful success of your new role.
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