Nationwide and TMW to offer 0.20% retention proc fee

Ryan Bembridge

February 20, 2017

Nationwide and TMW will both offer 0.20% proc fees for retention business in the summer.

Nationwide has been investing in its online systems for months to enable brokers to switch product and get paid a proc fee in the process.

Ian Andrew, managing director of intermediary relationships at Nationwide, said: “Nationwide has long valued the support and hard work of its intermediary partners and would like to thank them for their patience while development work was ongoing.

TMW prepares ahead of the upcoming underwriting standards

“We are now in a position to signal our clear intention to pay a procuration fee for retention business later in 2017. All intermediaries will have access to our full range of switcher products and our market-leading online process from day one.

“As a building society owned by its members, we remain committed to prioritising member benefit and customer loyalty and can confirm that the full range of prime loyalty products will be available through the broker channel.”

“We will be confirming an exact date for launch nearer the time.”

Enter your e-mail address to receive updates on this topic straight to your inbox

* indicates required
Send me news alerts on: