Skipton to pay residential retention procuration fee of 0.3% to all brokers

Written by Adam Cadle

Skipton Intermediaries is to pay a residential retention procuration fee of 0.30 per cent to all brokers following a successful pilot.

The fee which will be in place by the end of the year is to be set at 0.35 per cent for buy-to-let.

Skipton launched a six-month pilot last year, initially with London & Country and Connells.

Skipton director of intermediary relationships Paul Darwin said: “Research and feedback from our broker supporters told us this was the number one area they wanted us to deliver on, so we’re really pleased to confirm the success of the pilot and share more details ahead of its full implementation.

“We believe it is only right to pay a procuration fee on retained business to recognise the work undertaken by our broker partners.

“Good and appropriate customer outcomes are central to this pilot and we recognise that brokers carry out a full advice process with our customers, including appropriate market research before making a recommendation to the customer to stay with us.”

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