The associate accounts division will launch today, initially with 10 brokerages that will then be invited to agree commercial terms with AfI.
One broker thought to be signing up for associate accounts status is John Charcol.
Adrian Whittaker, key accounts director at AfI, says: “The goal is to strengthen our ties with the broker community and offer more commercial opportunities to those intermediaries who are not associated with a key account and yet have a strong and ongoing relationship with us.
“This is about expanding our level of involvement in the industry and in those brokers who have a mutual interest in working more closely with us. In developing this proposition, we hope to engage more closely with companies to ensure we are doing all we can to support their business strategy.”
AfI has appointed Claire Chick to the role of national key account manager to support the associate accounts division.
Prior to her appointment, Chick worked was an AfI sales manager and has worked within the broker sector for more than 15 years.
She says the associate accounts represent an important part of AfI’s ongoing commitment to a closer working relationship with the intermediary community.
AfI has also announced stricter measures for brokers submitting fast-track applications.
Brokers will need to keep proof of income for all fast-track applications for two years or they could face being banned from using the facility.
AfI carries out random monthly sampling checks on brokers who have submitted fast-track transactions. If a broker fails to prove the client’s income, there have been no consequences until now.
But from March 1, if a broker fails to supply evidence of their client’s in-come, the fast-track facility will be removed for the broker and they will not be paid a proc fee.
If a broker has been removed for three months, they can reapply for fast-track by signing a document outlining that they understand and agree to the terms of the fast-track requirements. If there was to be a second failure, the broker would be banned from using AfI’s fast-track proposition again.