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1970S-style system makes brokers look like donkeys

Woolwich’s system of getting brokers to book funds is like going back to the 1970s.

I am a member of PMS and, anticipating things would be busy last week, I started dialling Woolwich at 8.55am one day. A recording told me all phone lines were closed but I was persistent and dialled alternative numbers until one started to ring. At 9.40 am someone finally answered.

I informed the woman on the line I was a member of PMS and she told me that all PMS funds had been taken by 9.10 am.

My father is also a broker and a member of PMS so I thought I’d book the funds via his company. Knowing the next tranche would be available at 11am I started dialling at 10.10am. After holding on for an hour, I was cut off.

I wanted to place four cases with Woolwich and, to rub salt into the wound, it was going to withdraw its rates by end of play that day. How do we explain this to clients? Do we tell them to go direct to lenders as they won’t talk to us?

I could lose 2,000 worth of commission, I’m made to look like an incompetent donkey and I’m not even allocated a BDM. And by the way, at the time of writing I was on hold to Woolwich.

Name & address supplied


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