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TSB apologises for product transfer delay but retention proc fee level to be confirmed shortly

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  • 13/10/2017
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TSB apologises for product transfer delay but retention proc fee level to be confirmed shortly
TSB Bank has admitted to brokers in a memo that technical issues with its new TSB Mortgage Pro system originally due to go-live in November mean advisers will not be able to do product transfers on the system until Q1 next year.

 

The lender is simultaneously rolling out a new banking platform to replace the Lloyds Banking Group platform it launched with in January 2015 and the inability to get the two systems to ‘talk to each other’ is holding up the move.

Intermediaries are currently unable to offer customers product transfers, although consumers can go to the lender direct.

However, mortgage distribution director Roland McCormack, said: “We will shortly be announcing our procuration fees for product transfers and whilst I’m not in a position to give the exact amount, I can say that the fee will take into account our understanding that there is a cost to you in providing advice.”

The TSB Mortgage Pro tool will include real-time scanning and uploads, faster application keying, soft footprints and alternative lending offers, it said. It will also be Application Programming Interface (API) compliant.

McCormack said: “From day one of our existence, we have been clear in our commitment to offer this facility, and I personally have been a vocal advocate in the market. That is why we have considered alternatives and manual workarounds for this short interim period, though sadly we have found it impossible to find a compliant solution.

“I, and my team, can only apologise for the change in the roll out of product transfers and we understand the frustration that this will cause you and your clients.”

 

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