Nationwide to process proc fees weekly 

Ryan Bembridge

February 14, 2018

Nationwide will process proc fees on a weekly basis from next Monday so brokers get paid faster.

Payments will be processed every Monday, meaning brokers will get paid 14 to 20 calendar days after completion, rather than 15 to 46 as is the current situation.

Procuration fees for product transfers will be received on the second Monday of every month.

Ian Andrew, director of intermediary relationships, said: “With an ongoing programme of investing in our systems and reflecting the feedback from our intermediary partners, we can confirm we will now be working to a weekly payment run.

“This will increase the frequency and significantly reduce payment times for fees to brokers, regardless of the club or network used.”

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