Stockton slams Lloyds proc fee rumours as garbage

Nigel Stockton has slammed rumours that his exit from Lloyds Banking Group was due to a change of its strategy to the intermediary market as “total garbage”.

Mortgage Strategy last week revealed that Stockton, sales director of mortgages at Lloyds group, was leaving to take up a new position at Countrywide as its financial services development director.

Immediately after the announcement was made rumours started circulating that Stockton was leaving as a result of an upcoming decision on the part of Lloyds group to eliminate proc fees to intermediaries.

But Stockton has dismissed the rumours as “total garbage” and says the only reason he is leaving is that he was given an offer he couldn’t refuse.

He says: “Lloyds group has the biggest market share in the first half of this year and that was built by UK intermediary distribution.

“I’ve seen the group’s plans going forward for the next few years and they are reliant on it being a strong and excellent intermediary lender.”

He adds: “I can categorically say that Lloyds group’s intermediary strategy remains strong and robust and I look forward to benefiting from that strategy in my new role at Countrywide.”

To find out more, see this week’s issue of Mortgage Strategy