Retention procuration fees to be introduced later this year

From this summer, a procuration fee of 0.20% for retention business will be paid to intermediaries for all existing customers switching product.

We're currently developing the system functionality to allow us to launch this, and we'll be in touch nearer the time to confirm an exact date.

Ian Andrew, Managing Director, Intermediary Relationships, said:

"Nationwide has long valued the support and hard work of its intermediary partners and would like to thank them for their patience while development work is ongoing.

"We are now in a position to signal our clear intention to pay a procuration fee for retention business later in 2017. All intermediaries will have access to our full range of switcher products and our market leading online process from day one.

"As a building society owned by its members, we remain committed to prioritising member benefit and customer loyalty and can confirm that the full range of prime loyalty products will be available through the broker channel."