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Incentive scheme for brokers

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  • 15/12/2003
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Network Data has released details of a share incentive scheme for mortgage brokers, to take effect a...

Network Data has released details of a share incentive scheme for mortgage brokers, to take effect after the company floats on the Stock Exchange. For each packaged mortgage case intermediaries will earn 20 Network Data share options. For each direct to lender case placed 10 share options will be earned, assuming subsequent completion.

Alex Cotton, head of sales and marketing at Network Data, said: “Members will continue to get everything that they would normally receive. The bonus is on top of normal fees not a replacement.”

For current members the options will be backdated to include all business written since January 2003. New members’ business will accrue options from the date of joining. Network Data aims to float within 12 to 24 months.

Cotton said: “We have a consultant on board looking at the markets. We are being a bit vague about the flotation timing because it is obviously going to depend on market conditions at the time.”

Jonathan Cornell, associate at Hamptons International mortgages, said: “While it sounds an interesting offer, you are putting trust in the future of another company; there is no telling if the options will be worth anything when they mature. With introducer fees and bonuses it is generally transparent what you would be paid, which is what we need to know from a brokerage view.”

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