Skipton to pay a proc fee on retained business

Skipton to pay a proc fee on retained business

Skipton Intermediaries will roll out the payment of procuration fees for all product transfers before the end of the year.

The procuration fees will be 0.30% for residential and 0.35% for Buy To Let, mirroring the current pilot.

Skipton Intermediaries launched a six month mortgage product transfer retention pilot with two of its key distributors, Connells and London & Country, last April. This has since been rolled out to other distributors as the pilot has grown.

Paul Darwin, Skipton’s director of intermediary relationships, said: “Research and feedback from our broker supporters told us this was the number one area they wanted us to deliver on, so we’re really pleased to confirm the success of the pilot and share more details ahead of its full implementation.

“We believe it is only right to pay a procuration fee on retained business to recognise the work undertaken by our broker partners. Good and appropriate customer outcomes are central to this pilot and we recognise that brokers carry out a full advice process with our customers, including appropriate market research before making a recommendation to the customer to stay with us.