Halifax mulls weekly proc fee payments

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Halifax is looking at moving from paying broker procuration fees monthly to paying weekly.

A Halifax spokeswoman says the firm is “reviewing our approach to accelerate payments where possible and will be contacting firms over the coming weeks.”

Should it happen it will be welcomed by brokers, especially those outside networks that can struggle with cashflow issues from infrequent proc fee payments.

Halifax brought in retention proc fees in 2006, and was the first major lender to do so.

The fees were put back into the spotlight last month by the FCA, which is currently looking at the fairness of proc fees as part of a wider market study on mortgage advice remuneration.

The FCA wants to know if commercial arrangements between lenders, brokers and other players lead to conflicts of interest that harm consumers.