Principality Building Society intends to introduce retention procuration fees later this year once system functionality is complete.

The Society is pleased to announce that it will pay a retention procuration fee of 0.20% to intermediaries for recommending a product transfer.

Shaun Middleton, Principality Building Society’s Head of Regulated Sales and Intermediaries, said:

“As part of our ongoing commitment to our broker partnerships and the intermediary market in general, we’re pleased to confirm that we will be paying a retention procuration fee of 0.20%.  We’re making these changes to reflect the work done by brokers in cases where a product switch, rather than a re-mortgage, is the best advice for the customer. We are currently developing the system functionality to allow for this launch.”