Principality to introduce retention proc fees
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.”