Nationwide to process proc fees weekly


Nationwide Building Society will process procuration fees weekly from 19 February.

Proc fees will be processed every Monday for house purchases and remortgages.

This means brokers will get paid between 14 and 20 calendar days after completion, rather than the current 15 and 46 days.

Procuration fees for product transfers will be received on the second Monday of every month, a reduction of between one and seven days.

The lender floated the idea earlier this month following broker criticism.

Nationwide director of intermediary relationships Ian Andrew says: “With an ongoing programme of investing in our systems and reflecting the feedback from our intermediary partners, we can confirm we will now be working to a weekly payment run.

“This will increase the frequency and significantly reduce payment times for fees to brokers, regardless of the club or network used.”



Newbury BS to pay retention proc fees

  Newbury Building Society is set to pay a 0.20 per cent retention fee to its broker panel. The fees will be introduced from the summer.  The fee will be paid for all cases where existing customers transfer onto a new product. Newbury BS sales manager Karen Smith says: “We have always valued the support […]


Nationwide to speed up proc fee payments

Nationwide Building Society has confirmed it will cut the time taken to pay brokers retention procuration fees. The building society says this is in direct response to broker feedback. Currently it  takes between 15 and 41 days for brokers to receive these fees. A Nationwide spokeswoman said: “We have listened to feedback from brokers and […]

Pensions - thumbnail

Mothers missing out on millions

New HMRC figures show number of ‘mothers missing out on millions’ in pension rights has doubled in two years – Steve Webb Figures published on 24th March by HM Revenue & Customs show a doubling in the number of mothers missing out unnecessarily on vital pension rights because of a change in the rules on Child […]


News and expert analysis straight to your inbox

Sign up