Newbury BS to pay retention proc fees

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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 and hard work of our intermediary partners and would like to thank them for their business.

“We are pleased to announce our intent to pay a procuration fee for retention business later in 2018. We will be confirming an exact date for launch nearer the time.”

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