View more on these topics

Nationwide hits back at edeus ads

Nationwide has hit back at edeus for flaunting the mantra ‘Screw branches, not brokers’ in its latest advertising campaign.

The campaign attacks branch-based lenders for betraying brokers. One advert states: “Halifax, NatWest, Abbey, Nationwide. Who are they kidding? ‘We’re opening all these branches so we can serve our customers.’ Yeah right, should that not be ‘so we can flog them more mortgages directly?'”

It continues: “It’s hardly rocket science, but if a lender has branches, that means they’ve also got a bad case of divided attention and are most likely too busy selling direct to talk to you. However, we believe that if you want to say you’re committed to brokers then you’ve got to show it.”

But Tim Hughes, head of intermediary markets at Nationwide, has hit back at edeus’ campaign.

He says: “You have to wonder why edeus is doing this. Maybe things aren’t going its way. Branches form a key part of our business but equally important to us is the broker market.”

Michael Bolton, chief executive of edeus, says Nationwide is far from being a broker-friendly lender.

He says: “Nationwide is being a bit naive and clueless in suggesting we are short of business.”

Nationwide says it will not be taking action against edeus for its controversial advertisement, but this does not please Bolton.

He says: “I’d love to be challenged by one of these guys. It would expose their two-faced approach to the broker market.”

A spokeswoman for NatWest says: “We offer both routes so our customers can choose.”

Halifax and Abbey both declined to comment.

Recommended

Nationwide predicts another rate freeze

Nationwide predicts there will be no change in the Bank of England base rate at the next meeting of the Monetary Policy Committee on Thursday March 8.The society says there is a 40% chance of a rate rise and a 60% chance it will remain the same, although it says a rise cannot be ruled […]

BoE votes to freeze interest rates

The Bank of England has voted to freeze interest rates at 5.25% in March. Following the last base rate rise in January, the BoE’s Monetary Policy Committee has kept interest rates stable in February and March.There has been three interest rate rises since August as the Bank tries to bring inflation back down to the […]

MPs in call for green deals

A group of MPs have put down an early day motion calling on mortgage lenders to go green and offer environmental mortgages.

TCF should flow through a business

For my company, TCF starts with product design which ensures fairness throughout the business and all brokers should be thinking along the same lines, says Drew Wotherspoon

Guide cover resized

Guide: Johnson Fleming’s managed auto-enrolment service for SMEs

Johnson Fleming has launched its new managed auto-enrolment service, designed to support SME businesses of up to 250 employees. The managed auto-enrolment service is not just about providing businesses with a software system for them to manage themselves, but more about outsourcing the administration of the project and scheme to Johnson Fleming’s auto-enrolment staff.

Newsletter

News and expert analysis straight to your inbox

Sign up