Taking part in a panel debate at the Financial Services Expo Wales, Coffield said that while brokers should expect a bigger proc fee for the work required, he wasn’t convinced that larger fees were on the way.
He also took a swipe at lenders who still do not pay proc fees on retention business.
Coffield said: “Some lenders have announced they intend to pay retention proc fees in the summer, or later in the year, simply because they do not want to be ‘last man standing’ in terms of announcements. While I don’t think there should be a one size fits all approach when it comes to proc fees, some lenders are still paying the same fee they did pre-MMR.”
A host of lenders have announced they will begin paying retention proc fees this year, including Santander, Skipton and Nationwide.
The panel also looked at whether digital or ‘robo-advice’ propositions pose a threat to intermediaries.
Ian Carswell, regional manager at BM Solutions, said he didn’t think it was as threatening as some thought, noting: “Most people that go on that technology journey at some point come off that path in order to talk to a human being.”
Coffield argued that brokers need to see if they can integrate some of the technology into their existing business, saying: “I don’t think robo-advice will take over from advisers but it will take over those brokers who don’t embrace change.”