View more on these topics

Brokers can earn from savings with eMoneyfacts club

eMoneyfacts is set to launch the first ever specialist savings distributor, allowing brokers to earn commission from arranging savings products for their clients.

The eMoneyfacts Savings Club is to launch on March 10 and is open to all users of the eMoneyfacts adviser portal, provided they are regulated to give advice by the Financial Services Authority.

Commission is payable to brokers on each account they open with payments made by BACS via eMoneyfacts.

eMoneyfacts will handle commission payments and will also provide background information on lenders, details of product features and the relevant compensation schemes.

Initially the savings club will run a pilot with Yorkshire Building Society to judge broker demand.

The Yorkshire is offering a two-year fixed rate bond with an interest rate of 3.10% and the option of monthly or annual interest payments.

Ed Payne, head of eMoneyfacts, says there is clearly an appetite among brokers to attract savings business.

He says: “We have received over 30,000 hits on our savings pages by brokers in January alone.

“Brokers are clearly researching savings products for their clients already and this distributor will allow them to earn commission from arranging products in this market.”

Chris Edwards, head of mortgages and savings at Yorkshire Building Society, says: “We have chosen to launch this product with eMoneyfacts because of their significant distribution network of over 15,500 users.

“We see this as a positive move for brokers which will help provide some much needed income in a period of stagnation in the mortgage market.”

Payne says that eMoneyfacts is currently in advanced negotiations with other providers and lenders to join its panel.

He adds: “This is a brand new initiative and the beginning of a brand new market and we would welcome discussions with other providers that are interested in supporting the club, supporting brokers and giving customers the chance to do business with them via brokers.”

Recommended

Mortgage approvals are down by almost 60% year-on-year

Mortgage approvals rose slightly in January from £7.3bn to £7.6bn compared with the previous month but the total was down almost 60% on January 2008, figures from the British Bankers’ Association reveal.

Buyers still not sold on HIPs

Conveyancers have called on the government to abolish Home Information Packs after a report by the Department for Communities and Local Government showed the packs are still not working.

Sesame TCF study highlights importance of advice

Independent consumer research commissioned by Sesame as part of its TCF assessment work has highlighted the value that the public places in professional financial advice.

Woolwich’s process to control funds leaves me frustrated

I’d like to congratulate Woolwich on its novel way of demonstrating how much it values advisers. And might I also take this opportunity to commend it on its prudent approach to controlling its money supply.

‘How to…audit your auto-enrolment scheme compliance’

Avoid pension penalties with our auto-enrolment checklist

According to the Pensions Regulator’s annual commentary and analysis report released this month, 785 potential non-compliance cases were referred for investigation, with 23 auto-enrolment compliance notices issued. And they predict that the use of their statutory powers is only going to increase.