Access 4 Finance, the business to business secured loan broker, have unveiled a business pledge using the hashtag #treatingintroducersfairly.
The pledge focuses on three areas: money, service and criteria. It aims to ensure that regulation and Treating Customers Fairly (TCF) don’t neglect the service offered to introducers.
The broker says the ‘Money element guarantees to show introducers how much they will earn, how much it will cost to underwrite the application and allows them to choose their broker fee (within reason), whilst the ‘Service’ pledge includes out of hours underwriter support and a decision in principle within the hour.
Dan Barker, Access 4 Finance director, said: “In recent months we have seen an increase in the number of introducers contacting us for a second opinion on a case where their expected commission has been much lower than anticipated.
“We have seen one instance where the introducer would have received 25% of the total income as opposed to the 50% they believed they would receive.
“From day 1, Access 4 Finance has always offered a full breakdown of costs and revenue on all completed cases so introducers can be sure that they are receiving an actual 50/50 split of all income on their cases.””
Scott Thorpe, fellow director, added: “Any packager worth his or her salt knows within minutes how much a case will cost to package a case and therefore what commissions can be achieved.
“We estimate a typical introducer completing two deals a month could earn an extra £7500 a year under our #treatingintroducersfairly pledge
“Any broker that wants us to check what they were paid against what we would pay them can do so free of charge by giving us a call.”
