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Principality to introduce retention procuration fees
Principality Building Society plans to introduce retention procuration fees later this year.
The building society revealed that it would pay a retention procuration fee of 0.2% to intermediaries for recommending a product transfer.
Last month Principality named its new CEO as it looks to deliver long-term value and excellent service to both its existing and future members.
Shaun Middleton, head of regulated sales and intermediaries at Principality, said the move was part of its ongoing commitment to its broker partnerships and the intermediary market in general.
“We’re making these changes to reflect the work done by brokers in cases where a product switch, rather than a re-mortgage, is the best advice for the customer.
“We are currently developing the system functionality to allow for this launch.”
For more information you can visit http://www.principality.co.uk/PBS/Intermediaries.
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