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Coventry also eyeing proc fees for retention business


Coventry Building Society is the latest lender to announce it is considering paying brokers procuration fees for retention business.

The lender says it is reviewing its position but has not set a deadline to make a decision.

A Coventry spokeswoman says: “We are looking at this as we recognise the value of the advice that brokers provide on transfer options. However, we’re not in a position to announce a decision yet.”

The lender does not offer enhanced rates for its renewal customers.

Yorkshire Building Society said earlier today it is also considering paying the fees.

This week Skipton said it is launching a trial with Connells and London & Country to pay proc fees for retention business. It is looking to expand this to the rest of the market later this year.


Yorkshire mulls proc fees for retention business

Yorkshire Building Society is reviewing whether to reintroduce procuration fees for retention business. The lender, which stopped paying the fees in 2009, will make a formal decision about restarting in the next three months. A Yorkshire Building Society spokeswoman says: “It is something we are reviewing at the minute, we are looking into the possibility. […]


FSCS does U-turn on broker levy

The Financial Services Compensation Scheme has done a U-turn on its proposed levy for brokers for the coming year. The £10m figure for home finance intermediaries, including mortgage brokers, was provisionally set out in January, although now it has revealed the levy will be just £6m. The levy was £5m in 2015/16. The total 2016/17 […]

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England vs Australia: pensions

Well, the cricket season is here, and England and Australia are stepping up to the wicket. Although we compete with each other in the sporting world, when it comes to pensions, Australia’s pension programme is held up as a model for our auto-enrolment initiative. Auto-enrolment was introduced because people weren’t saving enough into their pensions, and it is still early days but signs are positive. However, in Australia, saving into a pension is compulsory, and in fact employers are the ones who have to pay in. Employees in Australia can make additional contributions into their pensions, but they don’t have to. Should the onus be on the employer or employee to save? Well in the UK we think it’s both, but to get ‘adequate’ savings for retirement it’s the employee who has to pay more in.


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