Don’t give up the proc fee fight for DA brokers

From John Malone

In response to Tom Cleary’s letter (Mortgage Strategy December 5), I support his sentiment regarding the treatment of directly authorised brokers over an appointed representative of a principal in relation to proc fees.

My views are well documented, not only in the boardrooms of major lenders, but in print. In fact, we at PMS have gone to great lengths this year to highlight and criticise certain lenders for this bizarre commercial view.

I would like to reassure Tom and all directly authorised intermediaries in a regulated and transparent framework that we at PMS have never sought or received payments that are not open and above board.

Equally, we have not sought, dis