Goldsmiths stop paying network fees
Goldsmith Williams had previously had an arrangement in place with certain firms where they paid a small marketing fee.
But Eddie Goldsmith, director at the Goldsmith Williams, said: “Most of the business we do is from introducers direct – not through networks.”
He went on to say that the Goldsmiths’ previous scheme for networks was no longer relevant in “today’s environment”.
He added: “The market’s changed. Networks have been too involved in mortgage regulation and we don’t think we have the impact we used to have. Networks are now involved in their core business – conveyancing just doesn’t sit there.”
Goldsmith’s claims are not unfounded with business for conveyancing dropping left, right and centre for all major law firms.
He said: “I suspect it’s now worse for everyone than it was. For brokers mortgages and insurance are core business – that’s where the onus should be. Since 2007 the world has changed.”
Goldsmith stressed that “no formal policy had been imposed” and that the firm’s relationship with networks would be reviewed on “a case by case basis”.
But Blacks Connect, a major rival to Goldsmith Williams, was adamant it would continue to pay network fees.
Director Nigel Payne said: “This is a surprising move and nothing we would do.
“You’re paying the network to support its advisers and that is something we will continue to do.”