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Brokers to benefit from SLB commission shake-up

As it stands, if a client was to purchase an equity release product via a broker for about £200,000 and release £10,000 at the time of purchase, the broker would only receive commission on that £10,000 and not any amount released after that date.

SLB plans to change this so that the broker would receive commission on all money released through the client, even 10 years down the line.

Angus Macleod, spokesperson for SLB, says: “We are looking at the idea and talking to brokers about it. We always keep an eye on brokers&#39 commissions as it encourages business.”

Dean Mirfin, business development director at Key Retirement Solutions, says: “I haven&#39t heard anything from SLB about this but it would be good all round – it would generate more business for SLB and also benefit brokers.”


Majority of non-regulated intermediaries will sell additional products following regulation

Research by The Exchange says 56% of currently non-regulated intermediaries will start selling other products following the introduction of mortgage regulation in October 2004. The findings also reveal that three-quarters (75%) of the intermediaries surveyed believe the cost of mortgage regulation will be passed onto the consumer. The research shows that two months short of […]

Genesis gets official FSA authorisation

Nigel Gardner, business development director, says: “We are now ready for the introduction of regulation on October 31 and have an excellent range of support services to offer everyone involved in the mortgage market. “Any broker who has still not submitted an application for network membership can apply to Genesis safe in the knowledge that […]

Cobalt receives full authorisation

The company says it is great news and will help the firm to push ahead with its ambitious expansion plans.

Financial health matters

The Financial Services Authority estimates the cost of the pensions debacle alone to be about £11.8bn. Confidence in the industry is at an all-time low. Now, some fear a third scandal is on the way as the level of indebtedness in the UK recently hit the symbolic £1 trillion mark. Concerns about lending practices are […]

How to cut mortgage fraud risk

Recent figures from Financial Fraud Action UK revealed a financial scam was committed, on average, every 15 seconds during the first six months of 2016, says Roy Armitage, head of credit at Lendinvest. That represents a 53 per cent rise year-on-year, with these scams coming in all shapes and sizes. Furthermore, a staggering 56 per cent of […]


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