Colin Welby, head of partnership at the Co-operative Bank, told the Tenet conference in London that the bank was examining the long term future of Platform.
Welby asked an audience of brokers whether the bank should offer intermediary mortgages using its Co-operative Bank brand or continue to use Platform. The majority of the audience indicated it would prefer to offer Co-op branded mortgages.
“You tinker with a brand at your peril,” Welby responded. “But we are clearly going to look at this and listen to the views of intermediaries.”
He added that it was important for the bank to protect the quality of the Co-operative brand and that further broker consultations would follow.
“We will be coming back to brokers to talk to them about the brand in future.
“The Platform brand will remain for the foreseeable future.”
Speaking to the audience of advisers at the Lancaster London hotel Welby said that the lender would also look to double its intermediary lending in 2013.
“In 2013 you will see increased lending coming from the Platform brand.
“Our strategy is to move back into the mainstream market and we’re looking at doubling our business through you guys, which is not insignificant.
“We will be placing any increased lending through intermediaries because we do not have the resource to broaden our distribution any other way. But brokers must remember we also do not have the resource to take on bad quality.”
Welby later said that the Co-op had continued to see a significant increase in business in the wake of recent banking scandals.
“We are seeing a massive inflow of new business, not because our advertising has changed or our products, but because the general public has started to vote with their feet.
“Consumer confidence with the big banks is at an all-time low.”
