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Praxis guarantees Proc Fees
19 May, 2008
From today, Melton Mowbray Building Society (MMBS) will guarantee payment of proc fees for cases that complete with its subsidiary Praxis.
Any broker submitting a case to Praxis will receive a letter from the society guaranteeing payment of completed cases.
Arif Darr, managing director of Praxis said: “Some of the main feedback we get from our customers is their concern over the ‘here today, gone tomorrow’ perception of packagers. We want to allay that fear, and the Melton appreciates the importance of providing certainty. We recognise the reassurance that comes with having a well established mutual society guarantee commission.”
Martin Reason, MMBS Chief Executive said: “Brokers are having a hard enough time at the moment. The last thing they need is to take a case all the way through to completion only to find that their packager can’t pay them. We want to support our subsidiary and the intermediary market. By offering this guarantee we aim to make Praxis the safest place to put your case.”