RBS interest in brokers cools

The Royal Bank of Scotland has admitted that it stepped back from the broker market in the first half of 2006. In its half-year results it says: “Intermediaries are an important distribution channel for mortgage products in the UK and we are an active participant in this channel, although there can be significant swings in volumes based on competitive pricing.

In the first half of 2006 we stepped back from this market since, at the prevailing pricing, we considered the risk-reward equation unattractive to other opportunities.”