Principality to introduce retention proc fees

Ryan Bembridge

March 20, 2017

Principality Building Society will introduce retention proc fees later this year.

The society will pay a proc fee of 0.20% for recommending a product transfer.

Shaun Middleton, Principality Building Society’s head of regulated sales and intermediaries, said: “As part of our ongoing commitment to our broker partnerships and the intermediary market in general, we’re pleased to confirm that we will be paying a retention procuration fee of 0.20%.

“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.”

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