Fleet Mortgages announced a full review of procuration fees at its Key Account Conference, held yesterday in Hampshire - increasing its procuration fee for new business to 0.55% from 0.5%.
Fleet said the decision to increase procuration fees was a recognition of the work carried out by advisers, and the increased burden placed upon them, particularly in terms of ensuring they meet Consumer Duty rules to deliver positive client outcomes.
“We’re acutely aware that the workload for advisers continues to grow, particularly in a highly competitive product environment, and with regulations like Consumer Duty demanding more work in order to keep on top of available products so as to deliver a positive customer outcome," noted Steve Cox, Chief Commercial Officer at Fleet Mortgages, “This is why we decided to review our procuration fee levels to ensure they remain commensurate with the work involved, and so Fleet remains competitive within our peer group,"
He added, “After such a review, we’re very pleased to announce today’s increase taking our procuration fee for new business up to 0.55% and signalling to all our intermediary partners that we value the work they are doing, the advice they are providing, and their choice to recommend Fleet to their landlord borrower clients.”
Phil Rickards, Chairman at London & Country Mortgages, said: “It’s great to see this positive move from Fleet, recognising the increasing demand placed on advisers. With nearly 90% of all mortgage business now transacted via an intermediary, this also goes a long way to demonstrate Fleet’s ongoing commitment to the specialist lending sector in particular.”
