The move sees the lender operating a reduced panel with some of the industry’s leading packagers. Thirty days notice was agreed this week with 150 packagers, bringing their current fee agreements to an end. The panel now has 24 members and will be reviewed on a regular basis.
Alan Lawson, head of corporate accounts at Birmingham Midshires Solutions, said: "This move puts Birmingham Midshires Solutions at the forefront of establishing some strong mainstream values in the specialist market by bringing transparency for the borrower. We’ve reviewed our packager relationships and formed strong alliances with leading brands in the marketplace. We are now in a position to work more closely with this reduced panel of packagers.
"The industry expects N3 to deliver a level-playing field in terms of packaging and procuration fee disclosure – something that does not exist at the moment. This move positions us well to exercise the necessary measures to ensure post-N3 compliance."
