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Principality to Pay Retention Fees

20 March 2017

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Principality Building Society intends to introduce retention procuration fees later this year once system functionality is complete. 

The Society is pleased to announce that it will pay a retention gross procuration fee of 0.20% to intermediaries 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.”

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