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Network moves to weekly commission payments for brokers

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  • 20/05/2016
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Network moves to weekly commission payments for brokers
The Right Mortgage and Protection Network has begun issuing commission payments to its members on a weekly basis, after brokers requested to be paid more frequently.

The network has also put in place a service for brokers so they can refer clients who need products which are outside their scope of advice.

Chief executive Martin Wilson (pictured), said: “We are delighted to make these announcements which have been the product of much adviser feedback. Weekly commissions has been one of the main features that has been requested and so we are thrilled to now be able to offer this.”

An agreement not to cross-sell to clients referred to the service has been put in place to reassure brokers that the ownership of the customer relationship remains with them. Any sales generated from the referred business will result in a 30% commission payment for the broker.

The network gained authorisation from the Financial Conduct Authority in February 2015, starting with fewer than 20 members. Its membership now stands at 200 which it aims to grow to 400 by the end of the year.

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