Optoma Broker Solutions has revealed an agreement with Kensington, under which the cashback offered to clients on each product has increased from 250 to 1,000 (excluding near-prime, which has increased to 500), has been extended until the year end.
Qualifying applications must be signed before December 31 2005.
Andrew Seymour, chairman of Optoma, says: “Our close working relationship with Kensington means we are able to offer this deal for an extended period. Optoma aims to treat customers as fairly as possible and the 1,000 offer is a further example of our dedication to do that.”
Optoma offers over 800 Kensington products, accounting for a significant part of its business. The 1,000 cashback deal is funded through Optoma sacrificing some of its own proc fee.
Seymour says: “Optomas attitude is to drive business volume by benefiting the consumer. Advisers will still receive standard proc fees of up to 1%, which we think is appropriate. Kensington continues to support our model and we feel comfortable to sacrifice some of our own margin to make it work.”
Harpal Singh, operations director at Optoma, says: “The extension of the 1,000 deal is very pleasing for us as it shows our continuing dedication to ensure a great service for intermediaries and their customers.
“Kensington has continued to evolve this year, launching a near-prime range as well as fixed and capped rates with no early repayment charge tail. More recently it has launched a flexible range, predominantly for the self employed.”