Stockton slams Lloyds proc fee rumours as garbage
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Nigel Stockton has slammed rumours that his exit from Lloyds Banking Group was due to a change of its strategy to the intermediary market as “total garbage”.
Mortgage Strategy last week revealed that Stockton, sales director of mortgages at Lloyds group, was leaving to take up a new position at Countrywide as its financial services development director.
Immediately after the announcement was made rumours started circulating that Stockton was leaving as a result of an upcoming decision on the part of Lloyds group to eliminate proc fees to intermediaries.
But Stockton has dismissed the rumours as “total garbage” and says the only reason he is leaving is that he was given an offer he couldn’t refuse.
He says: “Lloyds group has the biggest market share in the first half of this year and that was built by UK intermediary distribution.
“I’ve seen the group’s plans going forward for the next few years and they are reliant on it being a strong and excellent intermediary lender.”
He adds: “I can categorically say that Lloyds group’s intermediary strategy remains strong and robust and I look forward to benefiting from that strategy in my new role at Countrywide.”
To find out more, see this week’s issue of Mortgage Strategy
Readers' comments (6)
anthony | 31 Aug 2010 1:06 pm
no smoke without fire. if lloyds stop proc fees just watch all the others follow
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Anonymous | 31 Aug 2010 5:50 pm
The basic premise of this argument doesn't even make sense. If he thought that the mortgage market was moving away from intermediaries, why would he go and work for an intermediary? I am personally encouraged that a industry big hitter is leaving a lender for a broker...
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Anonymous | 2 Sep 2010 8:58 pm
In this market the reality is proc fees are history,the days of the fat cat broker are long gone.
In the near future brokers may even be charged for sloppy incomplete applications they submit if they are still on the lenders panel.
Watch this space you heard it hear first.
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roger travis | 3 Sep 2010 12:48 pm
Anonymous | 2 Sep 2010 8:58 pm
"Fat Cat Broker", i can only assume you don't work in the industry as many brokers over the past few years are scraping by to make a living with lenders criteria/valuations making most applications difficult at best.
Why would lenders charge brokers for applications - they would get no business and have to pay their own staff for it. The idea of a Broker is to get business at lower cost than through the branch network.
what a lot of nonsense.
must be from the same person that forecasts interest rates at 8% in 2 years.
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craig | 3 Sep 2010 3:46 pm
will the last one to leave please switch of the lights. im off to work at Woolwich. great salary, great bonus scheme and no dealing with time wasters
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roger travis | 3 Sep 2010 4:40 pm
Craig,
no doubt you'll have a great package as you mention, but when you start turning away clients due to failed credit score or ltv they will come to brokers to pick up the pieces.
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