A Mortgage Introducer source, said: “I have a client that I introduced to BM Solutions, who is at the end of a two-year deal. He has advised me I will have to compete against BM Solutions, which has offered him an alternative deal.”
On calling the business development manager's (BDM) department to discuss the situation, the source was told: ‘Once the application becomes existing business, it becomes a relationship between the applicant and the customer retention team. They become our clients on completion and when the product comes to an end it goes to the retention team who contact the applicant with an alternative product. That’s when the client chooses to contact the original or another broker, or stay with us.’
The source added: “This information was confirmed by the BDM who said the conversation was recorded and also that if the client renewed with them I would receive no fee.”
Chris Pearson, head of sales and marketing at BM Solutions, said: “BM does not try and ‘cut out’ brokers. We do not provide advice to borrowers. However we do have a responsibility to write to customers notifying them that their deal is ending and their payments will therefore change. We will make clients aware of products that would be available to them. These are the same as those available to brokers on the BM retention range; there is no competition.”
