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 are currently investing in our systems. We are planning to increase the frequency of these payments, so reducing the time taken to pay brokers in the near future.”

Currently Nationwide will not release the payments until the 15th of the month after completion. Other lenders – including Santander, Skipton BS and Precise Mortgages – will make these payments within a two-week window. Many run weekly or bi-monthly payment runs.

A number of brokers have complained about the length of time it can take to receive these commission payments.

Libra Financial Planning Mortgage Protection consultant Sebastian Riemann says: “Brokers may have started work on these cases two or three months before the mortgage completes. It does not seem acceptable to then wait a further six weeks for payment.”



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Strong dollar can be a powerful driver of UK dividend growth in 2015

By Robin Geffen, fund manager and CEO 

This year threatens to be a challenging one for UK dividend hunters. Last year saw an all-time record amount paid out in UK dividends — some £97.4bn, according to research from Capita Dividend Monitor. Yet as Capita also pointed out, out the biggest single factor driving the growth in the fourth quarter of last year was easy to identify: the rising US dollar. 

In our view, this trend is much more than simply a one-quarter phenomenon. It is actually the most profound issue to get right as a UK equity income investor in 2015. We believe that the US dollar will continue to strengthen significantly from its current level. This is due more to the US economy’s demonstrable de-coupling from the rest of the world than to a view on the UK. The US has a strong chance of tightening monetary conditions this year without jeopardising growth or de-stabilising its housing market. The same can unfortunately not be said about the UK.


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