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‘Networks should completely waive broker fees not postpone a debt’ – Star Letter 03/04/2020

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  • 03/04/2020
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‘Networks should completely waive broker fees not postpone a debt’ – Star Letter 03/04/2020
Each week, Mortgage Solutions and its sister title Specialist Lending Solutions run a Star Letter feature, in which we collate the top comments posted under our articles.

 

All the comments this week were in reference to fees charged to broker firms during the coronavirus pandemic. The first came from Corby Macdonald, who responded to the article: SimplyBiz gives members three-month fees payment holiday.

He said: “Nice to see a network thinking about their brokers, though it would be better if they waived their fees, not just postpone a debt.” 

Macdonald also had something to say earlier in the week, with regards to the regulator supporting smaller firms, as he replied to the article: FCA preparing fees support package for smaller firms – exclusive 

He said: “This shouldn’t be just about the Financial Conduct Authority (FCA), what are the networks doing for their brokers? Whilst our business is curtailed, with the withdrawal of products etc, is it right that networks are still charging broker fees? 

Bria Gibson replied to Macdonald, and said: “I cant see the networks reducing their fees as the income and commission skim will also reduce due to less broker activity. On balance, the networks primary concern will be focused on their own self survival and profits for shareholders. 

Macdonald responded: “If they lose too many brokers, then the shareholders may regret a profit first attitude.” 

 

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